Summit Global Investments Sells 28,382 Shares of Micron Technology, Inc. (NASDAQ:MU)

Summit Global Investments lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 91.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,526 shares of the semiconductor manufacturer's stock after selling 28,382 shares during the period. Summit Global Investments' holdings in Micron Technology were worth $213,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Micron Technology by 21.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer's stock valued at $1,174,643,000 after purchasing an additional 2,022,180 shares during the period. Raymond James Financial Inc. acquired a new stake in Micron Technology in the 4th quarter valued at approximately $135,865,000. State Street Corp raised its stake in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock valued at $5,001,592,000 after acquiring an additional 1,434,568 shares in the last quarter. Worldquant Millennium Advisors LLC boosted its position in Micron Technology by 254.4% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer's stock worth $192,840,000 after acquiring an additional 1,334,690 shares during the period. Finally, Bridgewater Associates LP bought a new position in shares of Micron Technology in the third quarter worth $102,018,000. Institutional investors and hedge funds own 80.84% of the company's stock.

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Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the firm's 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 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 trade represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MU. UBS Group increased their price objective on shares of Micron Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Monday, March 17th. Wells Fargo & Company decreased their price target on Micron Technology from $140.00 to $130.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group dropped their price objective on Micron Technology from $145.00 to $128.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Finally, Citigroup decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $129.76.

Micron Technology Stock Down 3.6 %

MU stock traded down $3.30 during mid-day trading on Friday, hitting $87.86. The stock had a trading volume of 8,308,935 shares, compared to its average volume of 22,834,335. The stock has a market capitalization of $98.19 billion, a price-to-earnings ratio of 25.27 and a beta of 1.23. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 1-year low of $83.54 and a 1-year high of $157.54. The company has a fifty day moving average of $96.35 and a 200 day moving average of $98.36.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data 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. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same period in the prior year, the company posted $0.42 earnings per share. Micron Technology's revenue for the quarter was up 38.2% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.52%. Micron Technology's dividend payout ratio is 11.03%.

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.