Flputnam Investment Management Co. Acquires New Position in Micron Technology, Inc. (NASDAQ:MU)

Flputnam Investment Management Co. acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,936 shares of the semiconductor manufacturer’s stock, valued at approximately $251,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in Micron Technology by 411.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,274,070 shares of the semiconductor manufacturer’s stock worth $763,398,000 after buying an additional 12,286,893 shares in the last quarter. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter worth approximately $581,559,000. FMR LLC grew its holdings in shares of Micron Technology by 47.9% in the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after acquiring an additional 7,089,790 shares during the period. Morgan Stanley increased its stake in Micron Technology by 59.2% in the 4th quarter. Morgan Stanley now owns 14,185,790 shares of the semiconductor manufacturer’s stock valued at $709,006,000 after purchasing an additional 5,274,984 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $111.93 on Friday. Micron Technology, Inc. has a 1 year low of $58.03 and a 1 year high of $130.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The firm has a 50 day moving average price of $102.53 and a 200 day moving average price of $86.40. The company has a market cap of $123.95 billion, a price-to-earnings ratio of -32.44 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($2.03) EPS. Sell-side analysts predict that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were paid a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.41%. Micron Technology’s dividend payout ratio is presently -13.33%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $86,789,214.30. The disclosure for this sale can be found here. Insiders have sold a total of 313,890 shares of company stock worth $33,617,027 in the last three months. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on MU shares. KeyCorp boosted their target price on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. UBS Group boosted their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Stifel Nicolaus restated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a report on Friday, April 12th. The Goldman Sachs Group lifted their target price on shares of Micron Technology from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Finally, Piper Sandler raised their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. One investment 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’s stock. According to MarketBeat, the company 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.