Plato Investment Management Ltd Cuts Position in Micron Technology, Inc. (NASDAQ:MU)

Plato Investment Management Ltd trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 2.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 24,303 shares of the semiconductor manufacturer’s stock after selling 680 shares during the quarter. Plato Investment Management Ltd’s holdings in Micron Technology were worth $2,053,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Stonebrook Private Inc. boosted its holdings 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 valued at $255,000 after acquiring an additional 98 shares during the period. John G Ullman & Associates Inc. boosted its holdings in shares of Micron Technology by 2.5% in the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after acquiring an additional 100 shares during the period. Trivant Custom Portfolio Group LLC boosted its holdings in shares of Micron Technology by 20.0% in the fourth 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. PDS Planning Inc boosted its holdings 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 valued at $454,000 after acquiring an additional 104 shares during the period. Finally, Xcel Wealth Management LLC boosted its holdings in shares of Micron Technology by 1.8% in the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock valued at $518,000 after acquiring an additional 108 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $90.54 on Tuesday. The company has a market cap of $100.88 billion, a P/E ratio of 26.09 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, Inc. has a one year low of $83.54 and a one year high of $157.54. The business’s 50-day simple moving average is $95.77 and its 200 day simple moving average is $98.75.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate 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 return on equity of 8.32% and a net margin of 13.34%. The company’s revenue was up 84.3% on a year-over-year basis. During the same period last year, the business posted ($0.95) EPS. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. Micron Technology’s payout ratio is currently 13.26%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred 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 directly owns 181,223 shares in the company, valued at $15,442,011.83. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MU shares. UBS Group decreased their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a report on Wednesday, December 18th. Barclays decreased their price target on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Robert W. Baird decreased their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Finally, Sanford C. Bernstein decreased their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $134.96.

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.