Sit Investment Associates Inc. increased its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 35.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,065 shares of the semiconductor manufacturer's stock after purchasing an additional 20,155 shares during the quarter. Sit Investment Associates Inc.'s holdings in Micron Technology were worth $6,486,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Grantham Mayo Van Otterloo & Co. LLC increased its position in Micron Technology by 171.5% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 298,467 shares of the semiconductor manufacturer's stock worth $25,119,000 after purchasing an additional 188,554 shares during the period. Aviva PLC raised its stake in shares of Micron Technology by 5.7% during the fourth quarter. Aviva PLC now owns 667,877 shares of the semiconductor manufacturer's stock worth $56,209,000 after buying an additional 36,111 shares during the last quarter. Cullen Capital Management LLC acquired a new position in Micron Technology in the fourth quarter valued at approximately $1,078,000. Alpine Investment Management Ltd boosted its stake in Micron Technology by 217.1% in the fourth quarter. Alpine Investment Management Ltd now owns 325,000 shares of the semiconductor manufacturer's stock valued at $27,352,000 after acquiring an additional 222,500 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of Micron Technology during the 4th quarter valued at $26,898,000. 80.84% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms have weighed in on MU. Needham & Company LLC cut their target price on Micron Technology from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Morgan Stanley upped their target price on shares of Micron Technology from $91.00 to $112.00 and gave the company an "equal weight" rating in a research note on Friday, March 21st. Sanford C. Bernstein reduced their target price on Micron Technology from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Wednesday, December 18th. UBS Group raised their price target on Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. Finally, Royal Bank of Canada set a $125.00 target price on shares of Micron Technology in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $129.76.
Read Our Latest Stock Analysis on Micron Technology
Micron Technology Stock Performance
Micron Technology stock traded down $2.85 during mid-day trading on Tuesday, reaching $65.52. 26,933,896 shares of the company's stock were exchanged, compared to its average volume of 22,912,282. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $157.54. The firm has a market capitalization of $73.23 billion, a PE ratio of 18.92 and a beta of 1.18. The business's fifty day simple moving average is $92.96 and its 200 day simple moving average is $98.09. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.
Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business's revenue for the quarter was up 38.2% on a year-over-year basis. During the same period last year, the business posted $0.42 earnings per share. On average, sell-side analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.
Micron Technology Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.
Insider Activity at Micron Technology
In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value 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 trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.
About Micron Technology
(
Free Report)
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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