Fisher Funds Management LTD acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 76,624 shares of the semiconductor manufacturer’s stock, valued at approximately $6,480,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Harmony Asset Management LLC lifted its position in Micron Technology by 75.6% during the third quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after buying an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its position in Micron Technology by 241.7% during the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after buying an additional 29,000 shares in the last quarter. Chartwell Investment Partners LLC lifted its position in Micron Technology by 26.4% during the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock worth $20,236,000 after buying an additional 40,802 shares in the last quarter. Stablepoint Partners LLC acquired a new stake in Micron Technology during the fourth quarter worth $569,000. Finally, State Street Corp increased its stake in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after acquiring an additional 1,434,568 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Wall Street Analyst Weigh In
MU has been the subject of several recent analyst reports. Morgan Stanley cut their target price on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research note on Wednesday, December 18th. Piper Sandler cut their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald cut their target price on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus cut their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $134.96.
Micron Technology Trading Down 4.3 %
MU opened at $98.78 on Friday. Micron Technology, Inc. has a 12 month low of $83.54 and a 12 month high of $157.54. The stock has a market capitalization of $110.06 billion, a price-to-earnings ratio of 28.47 and a beta of 1.18. 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 business has a fifty day moving average price of $96.28 and a 200 day moving average price of $98.82.
Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the previous year, the firm posted ($0.95) EPS. Micron Technology’s revenue for the quarter was up 84.3% on a year-over-year basis. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 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. Shareholders of record on Monday, December 30th were issued 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 was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is 13.26%.
Insiders Place Their Bets
In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by company insiders.
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.
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