Micron Technology, Inc. (NASDAQ:MU) Shares Purchased by Aviva PLC

Aviva PLC boosted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 667,877 shares of the semiconductor manufacturer’s stock after acquiring an additional 36,111 shares during the period. Aviva PLC’s holdings in Micron Technology were worth $56,209,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cullen Capital Management LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $1,078,000. Alpine Investment Management Ltd grew its stake in Micron Technology by 217.1% in the 4th quarter. Alpine Investment Management Ltd now owns 325,000 shares of the semiconductor manufacturer’s stock valued at $27,352,000 after acquiring an additional 222,500 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in Micron Technology in the 4th quarter valued at $26,898,000. Pamalican Asset Management Ltd purchased a new stake in Micron Technology in the 4th quarter worth $4,721,000. Finally, Prudential PLC raised its position in Micron Technology by 8.2% during the fourth quarter. Prudential PLC now owns 150,589 shares of the semiconductor manufacturer’s stock worth $12,674,000 after acquiring an additional 11,450 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MU shares. Barclays boosted their target price on shares of Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Piper Sandler reduced their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Stifel Nicolaus lowered their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company reduced their price objective on Micron Technology from $140.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Morgan Stanley lifted their target price on shares of Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $129.76.

Micron Technology Stock Performance

NASDAQ MU opened at $64.72 on Friday. The stock has a fifty day simple moving average of $93.42 and a 200-day simple moving average of $98.16. 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 stock has a market cap of $72.33 billion, a PE ratio of 18.65 and a beta of 1.23. Micron Technology, Inc. has a twelve month low of $63.86 and a twelve month high of $157.54.

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

Micron Technology Dividend Announcement

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 $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s payout ratio is 11.03%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by 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.