Price T Rowe Associates Inc. MD Buys 4,352,225 Shares of Micron Technology, Inc. (NASDAQ:MU)

Price T Rowe Associates Inc. MD increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 198.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,545,882 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,352,225 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Micron Technology were worth $550,903,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Beacon Capital Management LLC increased its holdings in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after acquiring an additional 200 shares in the last quarter. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at about $33,000. Activest Wealth Management boosted its stake 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 buying an additional 350 shares during the last quarter. Comprehensive Financial Planning Inc. PA purchased a new position in Micron Technology in the fourth quarter worth $34,000. Finally, Curio Wealth LLC bought a new position in Micron Technology during the fourth quarter valued at about $34,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays decreased their target price on Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday. Citigroup lowered their target price on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. 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 report on Wednesday, March 26th. Morgan Stanley increased their target price on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, March 21st. Finally, Robert W. Baird increased their price target on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $128.56.

Micron Technology Trading Up 6.2 %

MU opened at $77.42 on Friday. The stock has a market cap of $86.52 billion, a PE ratio of 22.31 and a beta of 1.18. The business has a 50 day moving average of $86.25 and a 200-day moving average of $95.10. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. 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 (NASDAQ:MU) last announced its quarterly earnings data 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 business had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The business’s revenue was up 38.2% compared to the same quarter last year. Equities research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.59%. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the company’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 sale, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’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 owns 27,358 shares in the company, valued at approximately $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 currently owned by insiders.

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.