Victory Capital Management Inc. Raises Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Victory Capital Management Inc. lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 14.8% in the 4th quarter, HoldingsChannel reports. The firm owned 1,082,374 shares of the semiconductor manufacturer’s stock after buying an additional 139,726 shares during the quarter. Victory Capital Management Inc.’s holdings in Micron Technology were worth $92,370,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MU. Mach 1 Financial Group LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $741,000. Hartford Funds Management Co LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at $544,000. Brighton Jones LLC grew its position in shares of Micron Technology by 47.1% in the 4th quarter. Brighton Jones LLC now owns 5,299 shares of the semiconductor manufacturer’s stock worth $452,000 after buying an additional 1,696 shares during the period. Mission Wealth Management LP bought a new position in shares of Micron Technology in the 4th quarter worth about $230,000. Finally, Norden Group LLC bought a new position in shares of Micron Technology in the 4th quarter worth about $212,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Micron Technology news, SVP Michael W. Bokan sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the transaction, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the sale, the senior vice president now owns 153,387 shares in the company, valued at $17,723,867.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the chief executive officer now owns 773,557 shares in the company, valued at $77,355,700. The disclosure for this sale can be found here. Insiders have sold a total of 323,890 shares of company stock valued at $36,079,267 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research note on Thursday, March 21st. Cantor Fitzgerald raised their price objective on Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Citigroup reissued a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a report on Thursday, April 4th. Robert W. Baird raised their price target on Micron Technology from $78.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. Finally, Needham & Company LLC upped their price target on shares of Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Stock Up 2.1 %

Shares of NASDAQ MU opened at $114.70 on Friday. Micron Technology, Inc. has a 12-month low of $59.55 and a 12-month 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 of $108.38 and a 200 day moving average of $89.36.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is currently -13.33%.

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.