Fred Alger Management LLC Decreases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Fred Alger Management LLC trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 58.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 626,786 shares of the semiconductor manufacturer’s stock after selling 880,086 shares during the period. Fred Alger Management LLC owned approximately 0.06% of Micron Technology worth $65,004,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Highline Wealth Partners LLC purchased a new stake in Micron Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Micron Technology during the second quarter valued at approximately $28,000. Davis Capital Management purchased a new stake in Micron Technology during the third quarter valued at approximately $30,000. Richard W. Paul & Associates LLC increased its holdings in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC increased its holdings in Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 235 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.

Micron Technology Trading Down 3.5 %

Shares of MU opened at $98.20 on Friday. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The company has a market cap of $109.40 billion, a P/E ratio of 144.41 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company’s fifty day simple moving average is $103.46 and its 200-day simple moving average is $111.71.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. As a group, analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. Micron Technology’s payout ratio is 67.65%.

Analyst Ratings Changes

MU has been the subject of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. Rosenblatt Securities upped their price target on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Stifel Nicolaus dropped their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Susquehanna dropped their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. Finally, Citigroup dropped their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $143.04.

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.