Steamboat Capital Partners LLC Has $1.68 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Steamboat Capital Partners LLC lowered its stake in Micron Technology, Inc. (NASDAQ:MU) by 58.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,002 shares of the semiconductor manufacturer’s stock after selling 28,521 shares during the period. Steamboat Capital Partners LLC’s holdings in Micron Technology were worth $1,683,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at $15,847,482.42. The trade was a 8.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,808 shares of company stock valued at $1,858,424. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Wells Fargo & Company reissued an “equal weight” rating on shares of Micron Technology in a research report on Monday, April 28th. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Rosenblatt Securities cut their price objective on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Finally, Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $126.48.

Micron Technology Stock Up 2.7%

Micron Technology stock opened at $98.00 on Friday. The firm has a market capitalization of $109.52 billion, a PE ratio of 28.24 and a beta of 1.21. The company’s 50-day moving average is $83.13 and its 200-day moving average is $92.61. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week 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.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, March 31st. Micron Technology’s payout ratio is 11.03%.

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.