Rhumbline Advisers Decreases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Rhumbline Advisers decreased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,016,606 shares of the semiconductor manufacturer’s stock after selling 27,425 shares during the period. Rhumbline Advisers owned 0.18% of Micron Technology worth $169,717,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC boosted its position in shares of Micron Technology by 219.6% in the third quarter. Exchange Traded Concepts LLC now owns 5,290 shares of the semiconductor manufacturer’s stock valued at $549,000 after acquiring an additional 3,635 shares during the period. Creative Planning boosted its position in shares of Micron Technology by 8.1% in the third quarter. Creative Planning now owns 161,774 shares of the semiconductor manufacturer’s stock valued at $16,751,000 after acquiring an additional 12,168 shares during the period. Swedbank AB boosted its position in shares of Micron Technology by 30.4% in the third quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after acquiring an additional 806,639 shares during the period. Cornerstone Wealth Management LLC boosted its position in shares of Micron Technology by 10.6% in the third quarter. Cornerstone Wealth Management LLC now owns 4,296 shares of the semiconductor manufacturer’s stock valued at $446,000 after acquiring an additional 413 shares during the period. Finally, Compass Wealth Management LLC boosted its position in shares of Micron Technology by 92.9% in the third quarter. Compass Wealth Management LLC now owns 2,700 shares of the semiconductor manufacturer’s stock valued at $280,000 after acquiring an additional 1,300 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a research report on Wednesday, December 18th. Piper Sandler cut their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, UBS Group dropped their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Stock Up 4.0 %

Shares of Micron Technology stock opened at $99.52 on Friday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $96.13 and its two-hundred day simple moving average is $98.70. The company has a market cap of $110.88 billion, a P/E ratio of 28.68 and a beta of 1.18. Micron Technology, Inc. has a 12-month low of $79.15 and a 12-month high of $157.54.

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

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Micron Technology 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.