Bank of New York Mellon Corp Raises Position in Micron Technology, Inc. (NASDAQ:MU)

Bank of New York Mellon Corp grew its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,956,311 shares of the semiconductor manufacturer’s stock after acquiring an additional 144,897 shares during the period. Bank of New York Mellon Corp owned about 0.89% of Micron Technology worth $837,923,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pine Valley Investments Ltd Liability Co grew its position in shares of Micron Technology by 1.5% in the 4th quarter. Pine Valley Investments Ltd Liability Co now owns 15,082 shares of the semiconductor manufacturer’s stock worth $1,269,000 after buying an additional 219 shares during the period. BankPlus Trust Department purchased a new position in Micron Technology in the fourth quarter worth about $56,000. Quartz Partners LLC raised its holdings in Micron Technology by 36.7% in the 4th quarter. Quartz Partners LLC now owns 2,738 shares of the semiconductor manufacturer’s stock worth $230,000 after acquiring an additional 735 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its stake in shares of Micron Technology by 2.0% in the fourth quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 75,625 shares of the semiconductor manufacturer’s stock worth $6,365,000 after purchasing an additional 1,448 shares during the last quarter. Finally, Rothschild Investment LLC lifted its stake in Micron Technology by 9.3% during the 4th quarter. Rothschild Investment LLC now owns 1,613 shares of the semiconductor manufacturer’s stock valued at $136,000 after acquiring an additional 137 shares during the period. Institutional investors own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other news, 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 sale, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Micron Technology Trading Down 2.3 %

Micron Technology stock opened at $93.22 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm’s 50 day moving average price is $95.71 and its 200-day moving average price is $98.93. Micron Technology, Inc. has a 1 year low of $83.54 and a 1 year high of $157.54. The stock has a market cap of $103.86 billion, a P/E ratio of 26.86 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced 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 business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.95) EPS. On average, equities analysts predict 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 was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MU shares. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Micron Technology in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. Finally, Barclays dropped their price objective on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. 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.