MIG Capital LLC Purchases New Holdings in Micron Technology, Inc. (NASDAQ:MU)

MIG Capital LLC acquired a new position in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,846 shares of the semiconductor manufacturer’s stock, valued at approximately $324,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $1,470,875,000. Nomura Asset Management Co. Ltd. raised its stake in Micron Technology by 339.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,255,000 shares of the semiconductor manufacturer’s stock worth $189,781,000 after acquiring an additional 1,742,073 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Micron Technology during the fourth quarter valued at $135,865,000. Geode Capital Management LLC lifted its holdings in shares of Micron Technology by 3.9% during the third quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer’s stock valued at $2,451,987,000 after acquiring an additional 892,607 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Micron Technology by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock valued at $8,403,982,000 after purchasing an additional 888,087 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated 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 sale, the executive vice president now owns 164,769 shares of the company’s stock, valued at $15,847,482.42. This trade represents a 8.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Micron Technology Trading Down 12.9 %

NASDAQ:MU opened at $64.72 on Friday. The firm has a market capitalization of $72.33 billion, a price-to-earnings ratio of 18.65 and a beta of 1.23. Micron Technology, Inc. has a 1-year low of $63.86 and a 1-year high of $157.54. The business’s 50-day moving average price is $93.42 and its two-hundred day moving average price is $98.16. 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 (NASDAQ:MU) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share 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 company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period last year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.71%. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

Analysts Set New Price Targets

MU has been the subject of several analyst reports. TD Cowen cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Needham & Company LLC reduced their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a report on Friday, March 21st. UBS Group boosted their price objective on Micron Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, March 17th. Finally, Royal Bank of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

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.