SPX Gestao de Recursos Ltda Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

SPX Gestao de Recursos Ltda purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 60,000 shares of the semiconductor manufacturer's stock, valued at approximately $5,050,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Advisors LLC grew its position in Micron Technology by 11.4% in the 4th quarter. Cornerstone Advisors LLC now owns 19,500 shares of the semiconductor manufacturer's stock worth $1,641,000 after purchasing an additional 2,000 shares in the last quarter. King Luther Capital Management Corp purchased a new position in shares of Micron Technology in the 4th quarter worth approximately $842,000. Citizens Financial Group Inc. RI grew its holdings in shares of Micron Technology by 18.0% in the fourth quarter. Citizens Financial Group Inc. RI now owns 6,830 shares of the semiconductor manufacturer's stock valued at $575,000 after acquiring an additional 1,041 shares in the last quarter. Sage Mountain Advisors LLC increased its position in shares of Micron Technology by 30.0% during the fourth quarter. Sage Mountain Advisors LLC now owns 6,135 shares of the semiconductor manufacturer's stock valued at $516,000 after acquiring an additional 1,414 shares during the last quarter. Finally, Dearborn Partners LLC lifted its holdings in Micron Technology by 36.9% during the fourth quarter. Dearborn Partners LLC now owns 3,711 shares of the semiconductor manufacturer's stock worth $312,000 after acquiring an additional 1,000 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

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Micron Technology Price Performance

Shares of MU stock traded down $0.76 during trading on Thursday, hitting $94.88. The company had a trading volume of 18,802,666 shares, compared to its average volume of 22,122,385. The stock's 50-day moving average is $96.50 and its two-hundred day moving average is $98.04. The stock has a market capitalization of $105.71 billion, a price-to-earnings ratio of 27.34 and a beta of 1.23. 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, Inc. has a 52 week low of $83.54 and a 52 week high of $157.54.

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 analysts' consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the firm earned ($0.95) EPS. The business's revenue for the quarter was up 84.3% compared to the same quarter last year. As a group, analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.48%. Micron Technology's dividend payout ratio is 13.26%.

Insider Buying and Selling

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

Analyst Ratings Changes

MU has been the subject of a number of research reports. Cantor Fitzgerald reduced their target price on shares of Micron Technology from $150.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Wedbush reissued an "outperform" rating and set a $140.00 price objective on shares of Micron Technology in a report on Tuesday, December 17th. Stifel Nicolaus lowered their target price on Micron Technology from $135.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Robert W. Baird cut their price target on Micron Technology from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Thursday, December 19th. Finally, TD Cowen decreased their price objective on Micron Technology from $135.00 to $125.00 and set a "buy" rating for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given 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, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $134.56.

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.