Pamalican Asset Management Ltd Acquires New Shares in Micron Technology, Inc. (NASDAQ:MU)

Pamalican Asset Management Ltd bought a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 56,100 shares of the semiconductor manufacturer's stock, valued at approximately $4,721,000. Micron Technology comprises about 2.1% of Pamalican Asset Management Ltd's holdings, making the stock its 17th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Prudential PLC lifted its holdings in shares of Micron Technology by 8.2% during the 4th quarter. Prudential PLC now owns 150,589 shares of the semiconductor manufacturer's stock valued at $12,674,000 after buying an additional 11,450 shares during the period. Landscape Capital Management L.L.C. increased its position in Micron Technology by 167.0% during the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock valued at $3,851,000 after acquiring an additional 28,621 shares during the last quarter. Thoroughbred Financial Services LLC lifted its holdings in Micron Technology by 0.8% in the fourth quarter. Thoroughbred Financial Services LLC now owns 19,295 shares of the semiconductor manufacturer's stock valued at $1,623,000 after acquiring an additional 156 shares during the period. Bornite Capital Management LP purchased a new position in Micron Technology in the fourth quarter worth about $8,416,000. Finally, Uniting Wealth Partners LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at about $298,000. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $74.34 on Friday. The firm has a fifty day simple moving average of $94.19 and a two-hundred day simple moving average of $98.25. Micron Technology, Inc. has a 52 week low of $69.95 and a 52 week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $83.08 billion, a P/E ratio of 21.42 and a beta of 1.23.

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Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm's revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. On average, analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MU. China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective on the stock. in a report on Wednesday, March 26th. Piper Sandler dropped their price target on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley boosted their price objective on shares of Micron Technology from $91.00 to $112.00 and gave the company an "equal weight" rating in a research report on Friday, March 21st. Rosenblatt Securities decreased their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Finally, KGI Securities raised Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average price target of $129.76.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

Micron Technology Company 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.

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