Wallington Asset Management LLC Sells 1,243 Shares of Micron Technology, Inc. (NASDAQ:MU)

Wallington Asset Management LLC decreased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,383 shares of the semiconductor manufacturer’s stock after selling 1,243 shares during the quarter. Wallington Asset Management LLC’s holdings in Micron Technology were worth $3,483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sanibel Captiva Trust Company Inc. grew its stake in shares of Micron Technology by 177.5% during the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 23,836 shares of the semiconductor manufacturer’s stock valued at $2,006,000 after acquiring an additional 15,245 shares during the period. Arkadios Wealth Advisors boosted its position in shares of Micron Technology by 81.9% in the fourth quarter. Arkadios Wealth Advisors now owns 15,066 shares of the semiconductor manufacturer’s stock worth $1,268,000 after purchasing an additional 6,784 shares during the period. B & T Capital Management DBA Alpha Capital Management boosted its position in shares of Micron Technology by 74.9% in the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 5,638 shares of the semiconductor manufacturer’s stock worth $474,000 after purchasing an additional 2,415 shares during the period. Trivant Custom Portfolio Group LLC raised its position in shares of Micron Technology by 20.0% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer’s stock valued at $50,000 after purchasing an additional 100 shares during the period. Finally, Brooklyn Investment Group increased its stake in Micron Technology by 2.8% in the 4th quarter. Brooklyn Investment Group now owns 7,282 shares of the semiconductor manufacturer’s stock worth $613,000 after buying an additional 198 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Price Performance

MU opened at $105.75 on Friday. Micron Technology, Inc. has a 1 year low of $79.15 and a 1 year high of $157.54. The business’s 50-day moving average is $98.00 and its two-hundred day moving average is $102.66. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm has a market capitalization of $117.82 billion, a PE ratio of 30.48 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share 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 analyst estimates 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 in the prior year, the company earned ($0.95) earnings per share. Research analysts anticipate that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio is presently 13.26%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology 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 owns 181,223 shares in the company, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MU has been the subject of several research analyst reports. Susquehanna cut their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. China Renaissance began coverage on shares of Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. Cantor Fitzgerald reduced their target price on Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Sanford C. Bernstein dropped their price target on Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Finally, UBS Group decreased their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.24.

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.