Sumitomo Mitsui Trust Group Inc. Grows Stake in Micron Technology, Inc. (NASDAQ:MU)

Sumitomo Mitsui Trust Group Inc. lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,348,661 shares of the semiconductor manufacturer’s stock after purchasing an additional 72,416 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.39% of Micron Technology worth $365,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MU. Stonebrook Private Inc. raised its stake in shares of Micron Technology by 4.2% in the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock worth $255,000 after purchasing an additional 98 shares during the last quarter. John G Ullman & Associates Inc. raised its position in Micron Technology by 2.5% in the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after buying an additional 100 shares during the last quarter. Trivant Custom Portfolio Group LLC lifted its stake in Micron Technology by 20.0% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer’s stock valued at $50,000 after acquiring an additional 100 shares during the period. Trust Co. of Vermont boosted its holdings in shares of Micron Technology by 14.3% during the 3rd quarter. Trust Co. of Vermont now owns 821 shares of the semiconductor manufacturer’s stock valued at $85,000 after acquiring an additional 103 shares during the last quarter. Finally, PDS Planning Inc grew its stake in shares of Micron Technology by 2.4% in the third quarter. PDS Planning Inc now owns 4,382 shares of the semiconductor manufacturer’s stock worth $454,000 after acquiring an additional 104 shares during the period. Institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MU. The Goldman Sachs Group lowered their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $110.00 in a report on Thursday, December 19th. Piper Sandler cut their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Cantor Fitzgerald lowered their target price on Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Sanford C. Bernstein cut their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $94.54 on Friday. The firm’s fifty day moving average is $96.82 and its two-hundred day moving average is $99.34. Micron Technology, Inc. has a 52-week low of $79.15 and a 52-week high of $157.54. The company has a market cap of $105.33 billion, a P/E ratio of 27.24 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.95) earnings per share. As a group, analysts anticipate that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by 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.