OFI Invest Asset Management Buys Shares of 400,428 Micron Technology, Inc. (NASDAQ:MU)

OFI Invest Asset Management bought a new stake 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. The firm bought 400,428 shares of the semiconductor manufacturer's stock, valued at approximately $32,545,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Beacon Capital Management LLC grew its position in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC grew its position in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after buying an additional 296 shares during the last quarter. Midwest Capital Advisors LLC purchased a new position in shares of Micron Technology in the 4th quarter worth approximately $33,000. Stone House Investment Management LLC grew its position in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 277 shares during the last quarter. Finally, Activest Wealth Management grew its position in shares of Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

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Micron Technology Stock Performance

Shares of MU traded up $3.69 during trading hours on Friday, hitting $92.96. The stock had a trading volume of 19,124,262 shares, compared to its average volume of 22,173,117. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm has a 50-day moving average price of $95.99 and a 200 day moving average price of $98.29. Micron Technology, Inc. has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The firm has a market capitalization of $103.57 billion, a price-to-earnings ratio of 26.79 and a beta of 1.23.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.95) EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology's payout ratio is presently 13.26%.

Insider Buying and Selling

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

Analysts Set New Price Targets

MU has been the topic of a number of analyst reports. Wells Fargo & Company cut their price objective on shares of Micron Technology from $175.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. UBS Group lowered their target price on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Mizuho lowered their target price on shares of Micron Technology from $135.00 to $115.00 and set an "outperform" rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered their target price on shares of Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Finally, Sanford C. Bernstein lowered their target price on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $134.96.

About Micron Technology

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.