Sanibel Captiva Trust Company Inc. Acquires 15,245 Shares of Micron Technology, Inc. (NASDAQ:MU)

Sanibel Captiva Trust Company Inc. grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 177.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 23,836 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,245 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Micron Technology were worth $2,006,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. ProVise Management Group LLC purchased a new stake in shares of Micron Technology in the second quarter valued at about $236,000. Intech Investment Management LLC lifted its position in shares of Micron Technology by 111.3% during the 2nd quarter. Intech Investment Management LLC now owns 93,026 shares of the semiconductor manufacturer’s stock worth $12,236,000 after buying an additional 49,001 shares in the last quarter. Ieq Capital LLC boosted its stake in shares of Micron Technology by 10.8% in the 2nd quarter. Ieq Capital LLC now owns 56,017 shares of the semiconductor manufacturer’s stock worth $7,368,000 after buying an additional 5,473 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Micron Technology by 17.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,163 shares of the semiconductor manufacturer’s stock valued at $547,000 after acquiring an additional 618 shares in the last quarter. Finally, AE Wealth Management LLC increased its position in shares of Micron Technology by 143.0% during the second quarter. AE Wealth Management LLC now owns 12,636 shares of the semiconductor manufacturer’s stock valued at $1,662,000 after acquiring an additional 7,435 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on MU shares. Robert W. Baird cut their price objective on Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. TD Cowen reduced their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Susquehanna lowered their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday, September 26th. Raymond James increased their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $135.24.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Micron Technology Stock Up 3.1 %

MU opened at $105.75 on Friday. The firm has a market capitalization of $117.82 billion, a P/E ratio of 30.48 and a beta of 1.18. Micron Technology, Inc. has a one year low of $79.15 and a one year high of $157.54. The company has a fifty day moving average price of $97.87 and a 200-day moving average price of $102.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.95) EPS. Equities research analysts expect that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. Micron Technology’s dividend payout ratio is presently 13.26%.

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.