Naviter Wealth LLC Buys New Position in Micron Technology, Inc. (NASDAQ:MU)

Naviter Wealth LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,003 shares of the semiconductor manufacturer's stock, valued at approximately $843,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new stake in Micron Technology during the fourth quarter worth about $84,000. Intellectus Partners LLC raised its position in shares of Micron Technology by 6.8% in the 4th quarter. Intellectus Partners LLC now owns 62,833 shares of the semiconductor manufacturer's stock valued at $5,295,000 after buying an additional 3,979 shares in the last quarter. HM Payson & Co. lifted its holdings in shares of Micron Technology by 172.8% during the 4th quarter. HM Payson & Co. now owns 1,566 shares of the semiconductor manufacturer's stock worth $132,000 after acquiring an additional 992 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Micron Technology by 1.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 414,072 shares of the semiconductor manufacturer's stock worth $34,848,000 after acquiring an additional 4,947 shares in the last quarter. Finally, Banco Santander S.A. increased its stake in Micron Technology by 37.3% in the fourth quarter. Banco Santander S.A. now owns 225,671 shares of the semiconductor manufacturer's stock valued at $18,992,000 after acquiring an additional 61,293 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

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Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Up 2.3 %

MU stock traded up $1.97 during midday trading on Tuesday, hitting $89.05. The stock had a trading volume of 21,597,129 shares, compared to its average volume of 22,154,777. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The firm has a market cap of $99.22 billion, a P/E ratio of 25.66 and a beta of 1.23. The business has a fifty day moving average price of $96.12 and a two-hundred day moving average price of $98.07. Micron Technology, Inc. has a 1-year low of $83.54 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the previous year, the business earned ($0.95) EPS. The firm's revenue was up 84.3% compared to the same quarter last year. On average, sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Monday, December 30th. Micron Technology's dividend payout ratio (DPR) is 13.26%.

Wall Street Analysts Forecast Growth

MU has been the subject of several recent analyst reports. Barclays cut their target price on Micron Technology from $145.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, December 20th. Bank of America downgraded Micron Technology from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. UBS Group decreased their target price on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. Robert W. Baird dropped their target price on shares of Micron Technology from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Thursday, December 19th. Finally, Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $134.96.

Micron Technology Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.