City State Bank trimmed its position in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 9.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,007 shares of the semiconductor manufacturer’s stock after selling 1,349 shares during the quarter. City State Bank’s holdings in Micron Technology were worth $650,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in MU. DNB Asset Management AS grew its holdings in shares of Micron Technology by 75.2% during the 4th quarter. DNB Asset Management AS now owns 1,238,679 shares of the semiconductor manufacturer’s stock worth $61,909,000 after purchasing an additional 531,796 shares during the period. Cullinan Associates Inc. boosted its stake in Micron Technology by 6.2% during the fourth quarter. Cullinan Associates Inc. now owns 8,599 shares of the semiconductor manufacturer’s stock worth $430,000 after buying an additional 499 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Micron Technology during the fourth quarter valued at about $93,000. Accurate Wealth Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $87,000. Finally, Polianta Ltd lifted its holdings in shares of Micron Technology by 3.4% in the 4th quarter. Polianta Ltd now owns 12,000 shares of the semiconductor manufacturer’s stock worth $599,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Analyst Upgrades and Downgrades
MU has been the topic of a number of research reports. Argus cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 30th. Stifel Nicolaus lowered their target price on Micron Technology from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday, December 22nd. Cowen cut their price target on shares of Micron Technology from $70.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, December 22nd. StockNews.com began coverage on shares of Micron Technology in a research note on Thursday. They issued a “hold” rating for the company. Finally, Credit Suisse Group set a $66.00 target price on shares of Micron Technology in a research note on Tuesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $66.26.
Micron Technology Stock Performance
Micron Technology (NASDAQ:MU – Get Rating) last issued its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.14 billion. Micron Technology had a return on equity of 13.26% and a net margin of 22.78%. The company’s revenue for the quarter was down 46.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.07 earnings per share. As a group, research analysts forecast that Micron Technology, Inc. will post -2.71 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 19th. Shareholders of record on Tuesday, January 3rd were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.81%. The ex-dividend date was Friday, December 30th. Micron Technology’s dividend payout ratio is presently 8.35%.
Insider Buying and Selling at Micron Technology
In related news, SVP April S. Arnzen sold 24,000 shares of the stock in a transaction on Monday, January 30th. The stock was sold at an average price of $61.91, for a total transaction of $1,485,840.00. Following the completion of the sale, the senior vice president now directly owns 118,885 shares of the company’s stock, valued at $7,360,170.35. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP April S. Arnzen sold 24,000 shares of the business’s stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $61.91, for a total transaction of $1,485,840.00. Following the transaction, the senior vice president now directly owns 118,885 shares in the company, valued at $7,360,170.35. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $53.40, for a total transaction of $1,068,000.00. Following the completion of the sale, the executive vice president now owns 228,340 shares of the company’s stock, valued at approximately $12,193,356. The disclosure for this sale can be found here. Insiders sold a total of 67,000 shares of company stock valued at $3,982,190 in the last ninety days. Insiders own 0.33% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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