Micron Technology, Inc. (NASDAQ:MU) Holdings Trimmed by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.6% during the 4th quarter, HoldingsChannel reports. The fund owned 859,853 shares of the semiconductor manufacturer’s stock after selling 5,530 shares during the period. Micron Technology accounts for 4.1% of Cornerstone Investment Partners LLC’s holdings, making the stock its 4th biggest position. Cornerstone Investment Partners LLC’s holdings in Micron Technology were worth $73,380,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Fidelis Capital Partners LLC lifted its stake in shares of Micron Technology by 17.2% in the 4th quarter. Fidelis Capital Partners LLC now owns 13,843 shares of the semiconductor manufacturer’s stock valued at $1,181,000 after purchasing an additional 2,032 shares during the last quarter. Xponance Inc. lifted its stake in shares of Micron Technology by 12.6% in the 4th quarter. Xponance Inc. now owns 150,497 shares of the semiconductor manufacturer’s stock valued at $12,843,000 after purchasing an additional 16,889 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of Micron Technology by 34.2% in the 4th quarter. Federated Hermes Inc. now owns 1,775,689 shares of the semiconductor manufacturer’s stock valued at $151,537,000 after purchasing an additional 452,848 shares during the last quarter. Waterfront Wealth Inc. lifted its stake in shares of Micron Technology by 1.4% in the 4th quarter. Waterfront Wealth Inc. now owns 22,417 shares of the semiconductor manufacturer’s stock valued at $1,913,000 after purchasing an additional 313 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Micron Technology by 70.4% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,447 shares of the semiconductor manufacturer’s stock valued at $209,000 after purchasing an additional 1,011 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 313,890 shares of company stock valued at $33,617,027. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Stock Down 4.5 %

Shares of MU stock traded down $5.08 during trading hours on Friday, hitting $106.85. 16,338,150 shares of the company were exchanged, compared to its average volume of 20,388,377. The business has a 50 day moving average of $102.53 and a two-hundred day moving average of $86.40. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52 week low of $58.03 and a 52 week high of $130.54. The company has a market capitalization of $118.32 billion, a PE ratio of -31.17 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.03) earnings per share. Analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is currently -13.33%.

Analyst Ratings Changes

MU has been the subject of a number of research analyst reports. Morgan Stanley boosted their target price on shares of Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research report on Thursday, March 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Friday, April 12th. Evercore ISI upped their price objective on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, December 21st. Cantor Fitzgerald upped their target price on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, UBS Group upped their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $122.20.

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.