Appaloosa LP Acquires 150,000 Shares of Micron Technology, Inc. (NASDAQ:MU)

Appaloosa LP raised its holdings in Micron Technology, Inc. (NASDAQ:MU) by 14.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,200,000 shares of the semiconductor manufacturer’s stock after purchasing an additional 150,000 shares during the period. Micron Technology makes up about 1.6% of Appaloosa LP’s portfolio, making the stock its 18th largest holding. Appaloosa LP owned approximately 0.11% of Micron Technology worth $100,992,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MU. Swedbank AB boosted its holdings in Micron Technology by 30.4% in the 3rd quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after purchasing an additional 806,639 shares during the period. Assetmark Inc. lifted its holdings in shares of Micron Technology by 34.8% during the 3rd quarter. Assetmark Inc. now owns 32,792 shares of the semiconductor manufacturer’s stock worth $3,401,000 after acquiring an additional 8,464 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Micron Technology during the 3rd quarter worth approximately $79,000. Apollon Wealth Management LLC lifted its holdings in shares of Micron Technology by 8.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 24,445 shares of the semiconductor manufacturer’s stock worth $2,535,000 after acquiring an additional 1,978 shares during the period. Finally, Entropy Technologies LP lifted its holdings in shares of Micron Technology by 241.4% during the 3rd quarter. Entropy Technologies LP now owns 25,400 shares of the semiconductor manufacturer’s stock worth $2,634,000 after acquiring an additional 17,961 shares during the period. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction 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 in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Robert W. Baird cut their price target on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Bank of America downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. Piper Sandler cut their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Wedbush reiterated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus lowered their price objective on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $134.96.

Micron Technology Trading Up 7.4 %

NASDAQ:MU opened at $95.64 on Thursday. The firm’s fifty day moving average is $96.35 and its 200-day moving average is $98.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology, Inc. has a 52 week low of $83.54 and a 52 week high of $157.54. The firm has a market cap of $106.56 billion, a P/E ratio of 27.56 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period in the prior year, the firm posted ($0.95) EPS. The company’s quarterly revenue was up 84.3% on a year-over-year basis. Equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio is presently 13.26%.

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.