Micron Technology, Inc. (NASDAQ:MU) Position Cut by Arvest Investments Inc.

Arvest Investments Inc. trimmed its stake in Micron Technology, Inc. (NASDAQ:MU) by 1.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 21,808 shares of the semiconductor manufacturer’s stock after selling 307 shares during the quarter. Arvest Investments Inc.’s holdings in Micron Technology were worth $1,895,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Micron Technology during the fourth quarter valued at $1,470,875,000. Capital World Investors increased its holdings in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC increased its holdings in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital Research Global Investors increased its holdings in shares of Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors increased its holdings in shares of Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Up 1.7%

Shares of Micron Technology stock opened at $116.03 on Thursday. The stock has a 50-day moving average price of $86.24 and a 200 day moving average price of $92.43. The company has a market cap of $129.67 billion, a P/E ratio of 33.44 and a beta of 1.28. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the prior year, the business earned $0.42 EPS. The business’s revenue for the quarter was up 38.2% on a year-over-year basis. As a group, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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 dividend yield of 0.40%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Transactions at Micron Technology

In related news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the transaction, the executive vice president now directly owns 186,353 shares of the company’s stock, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,904 shares of company stock valued at $4,665,124 in the last three months. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MU. Rosenblatt Securities lowered their price target on Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Barclays lowered their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Robert W. Baird raised their target price on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Micron Technology in a research note on Monday, April 28th. Finally, Royal Bank of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $129.00.

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.