Financial Perspectives Inc Boosts Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Financial Perspectives Inc increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,104 shares of the semiconductor manufacturer’s stock after buying an additional 204 shares during the quarter. Financial Perspectives Inc’s holdings in Micron Technology were worth $265,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Micron Technology by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 94,229,187 shares of the semiconductor manufacturer’s stock valued at $6,410,412,000 after buying an additional 305,860 shares during the period. FMR LLC increased its position in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Wellington Management Group LLP raised its holdings in Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after buying an additional 5,257,201 shares during the period. Morgan Stanley boosted its stake in Micron Technology by 19.7% during the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after buying an additional 2,852,688 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Micron Technology by 0.7% during the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after purchasing an additional 80,345 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU traded up $3.34 during trading on Tuesday, reaching $112.46. The company’s stock had a trading volume of 17,854,605 shares, compared to its average volume of 20,590,105. Micron Technology, Inc. has a twelve month low of $58.03 and a twelve month high of $130.54. The firm has a market cap of $124.53 billion, a price-to-earnings ratio of -32.60 and a beta of 1.27. The business’s fifty day moving average price is $103.42 and its 200-day moving average price is $87.22. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion during 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 firm’s revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($2.03) EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given 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 0.41%. Micron Technology’s payout ratio is currently -13.33%.

Analysts Set New Price Targets

MU has been the topic of a number of research reports. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Bank of America boosted their price target on shares of Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Stifel Nicolaus reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Friday, April 12th. JPMorgan Chase & Co. upped their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Finally, TD Cowen boosted their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.20.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 306,890 shares of company stock worth $33,005,157. Company insiders own 0.32% of the company’s stock.

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.