Westpac Banking Corp Has $762,000 Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Westpac Banking Corp reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 40.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,050 shares of the semiconductor manufacturer’s stock after selling 6,044 shares during the period. Westpac Banking Corp’s holdings in Micron Technology were worth $762,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Beacon Capital Management LLC increased its position in Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares in the last quarter. Midwest Capital Advisors LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $33,000. Comprehensive Financial Planning Inc. PA bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $34,000. Curio Wealth LLC acquired a new position in shares of Micron Technology during the fourth quarter worth approximately $34,000. Finally, Activest Wealth Management lifted its holdings in shares of Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 350 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

Shares of MU opened at $64.72 on Friday. Micron Technology, Inc. has a 1 year low of $63.86 and a 1 year high of $157.54. 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 stock’s fifty day moving average price is $93.42 and its two-hundred day moving average price is $98.10. The firm has a market cap of $72.33 billion, a PE ratio of 18.65 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS. On average, equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS 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 issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Monday, March 31st. Micron Technology’s payout ratio is currently 11.03%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MU shares. Wells Fargo & Company lowered their price objective on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Rosenblatt Securities dropped their price target on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research note on Wednesday, March 26th. Stifel Nicolaus lowered their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Piper Sandler cut their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.76.

Insiders Place Their Bets

In related 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 transaction, the executive vice president now owns 164,769 shares of the company’s stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated 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 owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.