Ameriprise Financial Inc. Sells 608,852 Shares of Micron Technology, Inc. (NASDAQ:MU)

Ameriprise Financial Inc. reduced its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,774,679 shares of the semiconductor manufacturer's stock after selling 608,852 shares during the quarter. Ameriprise Financial Inc. owned 0.25% of Micron Technology worth $233,540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Altimeter Capital Management LP acquired a new position in shares of Micron Technology during the 4th quarter worth $51,724,000. Aptus Capital Advisors LLC lifted its stake in shares of Micron Technology by 36.0% during the 4th quarter. Aptus Capital Advisors LLC now owns 11,596 shares of the semiconductor manufacturer's stock worth $976,000 after purchasing an additional 3,072 shares during the period. Aspex Management HK Ltd lifted its holdings in shares of Micron Technology by 34.0% during the 4th quarter. Aspex Management HK Ltd now owns 1,504,939 shares of the semiconductor manufacturer's stock worth $126,656,000 after acquiring an additional 381,546 shares during the period. Aspire Growth Partners LLC purchased a new stake in Micron Technology in the fourth quarter valued at approximately $295,000. Finally, Gallagher Fiduciary Advisors LLC grew its stake in shares of Micron Technology by 9.9% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 2,509 shares of the semiconductor manufacturer's stock valued at $211,000 after buying an additional 227 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

Shares of NASDAQ:MU traded up $2.25 during trading on Wednesday, reaching $82.76. 14,884,517 shares of the stock were exchanged, compared to its average volume of 23,255,375. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.54. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The firm has a market cap of $92.49 billion, a PE ratio of 23.85 and a beta of 1.21. The stock has a 50-day moving average price of $82.84 and a 200-day moving average price of $93.39.

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

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio is currently 11.03%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares of the company's stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,808 shares of company stock valued at $1,858,424. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on MU shares. Morgan Stanley cut their price objective on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a report on Wednesday. Barclays reduced their price target on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Wedbush reissued an "underperform" rating on shares of Micron Technology in a research note on Monday, April 28th. KGI Securities upgraded Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Finally, Citigroup reduced their price objective on Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $126.48.

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.