Norges Bank Takes $1.47 Billion Position in Micron Technology, Inc. (NASDAQ:MU)

Norges Bank bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, Holdings Channel.com reports. The fund bought 17,477,130 shares of the semiconductor manufacturer’s stock, valued at approximately $1,470,875,000.

Several other large investors have also recently bought and sold shares of the stock. Stone House Investment Management LLC grew its holdings in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares in the last quarter. True Wealth Design LLC boosted its stake in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Beacon Capital Management LLC increased its holdings in Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares during the period. Midwest Capital Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at $33,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in shares of Micron Technology during the 4th quarter worth about $34,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology 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 transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Micron Technology Stock Down 2.2 %

Shares of NASDAQ MU opened at $92.13 on Thursday. Micron Technology, Inc. has a 1 year low of $83.54 and a 1 year high of $157.54. The firm’s 50-day moving average is $96.58 and its 200-day moving average is $98.41. 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 firm has a market capitalization of $102.65 billion, a PE ratio of 26.55 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for 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 firm earned $0.42 earnings per share. Equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Micron Technology’s payout ratio is 11.03%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MU. Citigroup dropped their price target on shares of Micron Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, March 21st. JPMorgan Chase & Co. cut their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Piper Sandler lowered their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Mizuho cut their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.96.

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.