Prudential Financial Inc. Decreases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Prudential Financial Inc. lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 25.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,312,840 shares of the semiconductor manufacturer’s stock after selling 447,679 shares during the quarter. Prudential Financial Inc. owned 0.12% of Micron Technology worth $110,489,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of MU. Trivant Custom Portfolio Group LLC lifted 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 buying an additional 100 shares during the period. Xcel Wealth Management LLC raised its position in Micron Technology by 1.8% in the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock worth $518,000 after acquiring an additional 108 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in Micron Technology by 3.8% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock valued at $250,000 after acquiring an additional 108 shares during the last quarter. Lebenthal Global Advisors LLC boosted its position in shares of Micron Technology by 1.5% during the 4th quarter. Lebenthal Global Advisors LLC now owns 7,474 shares of the semiconductor manufacturer’s stock valued at $629,000 after purchasing an additional 114 shares in the last quarter. Finally, Register Financial Advisors LLC grew its stake in shares of Micron Technology by 1.1% in the 4th quarter. Register Financial Advisors LLC now owns 11,526 shares of the semiconductor manufacturer’s stock worth $970,000 after purchasing an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Needham & Company LLC reduced their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler dropped their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, TD Cowen reduced their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Price Performance

NASDAQ MU opened at $96.94 on Tuesday. Micron Technology, Inc. has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The stock’s 50-day moving average is $96.86 and its two-hundred day moving average is $98.40. The firm has a market cap of $108.01 billion, a P/E ratio of 27.94 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same period in the previous year, the company earned $0.42 EPS. The company’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s dividend payout ratio is 11.03%.

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.