The Manufacturers Life Insurance Company Acquires 815,304 Shares of Micron Technology, Inc. (NASDAQ:MU)

The Manufacturers Life Insurance Company lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 47.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,542,059 shares of the semiconductor manufacturer’s stock after purchasing an additional 815,304 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.23% of Micron Technology worth $213,940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Beacon Capital Management LLC grew its holdings in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the last quarter. Midwest Capital Advisors LLC acquired a new position in Micron Technology during the 4th quarter valued at about $33,000. Activest Wealth Management lifted its position in Micron Technology by 583.3% during the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 350 shares during the period. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $34,000. Finally, Curio Wealth LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $34,000. 80.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was 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 company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Citigroup cut their price target on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Wedbush reaffirmed an “underperform” rating on shares of Micron Technology in a report on Monday. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Micron Technology in a report on Monday. Two analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $127.04.

Micron Technology Stock Down 1.5 %

Shares of Micron Technology stock opened at $78.56 on Tuesday. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock’s 50-day moving average is $85.19 and its 200 day moving average is $94.62. The firm has a market cap of $87.80 billion, a price-to-earnings ratio of 22.64 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

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.