Rakuten Securities Inc. Buys New Position in Micron Technology, Inc. (NASDAQ:MU)

Rakuten Securities Inc. bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,091 shares of the semiconductor manufacturer’s stock, valued at approximately $947,000. Micron Technology makes up approximately 0.7% of Rakuten Securities Inc.’s investment portfolio, making the stock its 25th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. First Interstate Bank bought a new stake in shares of Micron Technology during the 4th quarter valued at about $213,000. Wealth Alliance boosted its holdings in Micron Technology by 4.8% in the fourth quarter. Wealth Alliance now owns 3,908 shares of the semiconductor manufacturer’s stock worth $334,000 after acquiring an additional 179 shares in the last quarter. Riverstone Advisors LLC bought a new position in Micron Technology in the fourth quarter worth approximately $225,000. Imprint Wealth LLC bought a new position in Micron Technology in the fourth quarter worth approximately $211,000. Finally, SVB Wealth LLC boosted its holdings in Micron Technology by 9.1% in the fourth quarter. SVB Wealth LLC now owns 17,726 shares of the semiconductor manufacturer’s stock worth $1,513,000 after acquiring an additional 1,473 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 3.8 %

Shares of MU traded down $4.66 during trading hours on Wednesday, hitting $117.11. The company had a trading volume of 12,617,557 shares, compared to its average volume of 20,117,500. The firm has a market cap of $129.68 billion, a P/E ratio of -34.90 and a beta of 1.27. The stock’s 50 day moving average price is $101.36 and its 200 day moving average price is $86.01. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52-week low of $58.03 and a 52-week high of $130.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($2.03) earnings per share. On average, research analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. Micron Technology’s dividend payout ratio is presently -13.33%.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the transaction, the chief executive officer now owns 642,251 shares in the company, valued at approximately $56,139,159.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total value of $611,870.00. Following the transaction, the chief executive officer now owns 642,251 shares in the company, valued at approximately $56,139,159.91. The disclosure for this sale can be found here. Insiders have sold a total of 306,890 shares of company stock worth $32,772,127 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent research reports. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Thursday, March 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Friday, April 12th. The Goldman Sachs Group increased their price target on Micron Technology from $85.00 to $97.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Deutsche Bank Aktiengesellschaft increased their price target on Micron Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Finally, Raymond James increased their price target on Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $122.20.

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.