Duquesne Family Office LLC Invests $34.41 Million in Micron Technology, Inc. (NASDAQ:MU)

Duquesne Family Office LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 408,885 shares of the semiconductor manufacturer's stock, valued at approximately $34,412,000.

Several other hedge funds also recently made changes to their positions in MU. Norges Bank purchased a new position in shares of Micron Technology during the fourth quarter worth about $1,470,875,000. Capital World Investors lifted its position in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the period. FMR LLC grew its stake in shares of Micron Technology by 34.6% in the 4th 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 last quarter. Capital Research Global Investors increased its holdings in shares of Micron Technology by 139.7% in 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 raised its stake 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 worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Price Performance

MU stock traded up $0.71 on Friday, reaching $85.86. The company had a trading volume of 13,006,441 shares, compared to its average volume of 23,288,211. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company's fifty day moving average is $82.62 and its 200 day moving average is $93.07. The company has a market cap of $95.95 billion, a P/E ratio of 24.74 and a beta of 1.21. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company's quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 earnings per share. On average, research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.54%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Activity

In related news, 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 transaction, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now owns 24,954 shares of the company's stock, valued at approximately $1,996,320. This represents a 8.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,808 shares of company stock valued at $1,858,424 in the last 90 days. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MU has been the topic of a number of analyst reports. Morgan Stanley lowered their price objective on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a report on Friday, March 21st. KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Finally, Barclays cut their target price on Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have assigned 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 a consensus target price of $126.48.

Micron Technology 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.