Fmr LLC Sells 11,674,716 Shares of Micron Technology, Inc. (NASDAQ:MU)

Fmr LLC lessened its position in Micron Technology, Inc. (NASDAQ:MU) by 24.8% in the 3rd quarter, Holdings Channel reports. The firm owned 35,423,121 shares of the semiconductor manufacturer’s stock after selling 11,674,716 shares during the period. Fmr LLC’s holdings in Micron Technology were worth $3,673,732,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MU. EntryPoint Capital LLC bought a new position in shares of Micron Technology during the first quarter worth about $41,000. Advisors Asset Management Inc. grew its stake in shares of Micron Technology by 513.5% in the first quarter. Advisors Asset Management Inc. now owns 5,902 shares of the semiconductor manufacturer’s stock valued at $696,000 after acquiring an additional 4,940 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in Micron Technology during the 1st quarter worth $290,000. Waverly Advisors LLC grew its stake in Micron Technology by 32.4% during the first quarter. Waverly Advisors LLC now owns 15,077 shares of the semiconductor manufacturer’s stock worth $1,777,000 after buying an additional 3,689 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its stake in Micron Technology by 18.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 26,964 shares of the semiconductor manufacturer’s stock valued at $3,179,000 after acquiring an additional 4,230 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $104.48 on Tuesday. The company has a market capitalization of $115.84 billion, a P/E ratio of 153.65 and a beta of 1.18. The company’s 50-day moving average is $102.80 and its 200 day moving average is $112.03. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.21) earnings per share. On average, equities research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.44%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research reports. China Renaissance assumed coverage on shares of Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price for the company. KeyCorp dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Stifel Nicolaus lowered their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Citigroup dropped their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Company 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.