AQR Capital Management LLC Sells 544,599 Shares of Micron Technology, Inc. (NASDAQ:MU)

AQR Capital Management LLC lessened its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 53.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 471,543 shares of the semiconductor manufacturer's stock after selling 544,599 shares during the quarter. AQR Capital Management LLC's holdings in Micron Technology were worth $39,685,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its stake in shares of Micron Technology by 114.9% in the fourth 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 bought a new stake in shares of Micron Technology in the 4th quarter valued at $33,000. Activest Wealth Management boosted its stake in shares of Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 350 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Micron Technology during the fourth quarter worth $34,000. Finally, Curio Wealth LLC bought a new position in Micron Technology during the fourth quarter worth $34,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MU. Royal Bank of Canada set a $125.00 price target on Micron Technology in a report on Wednesday, March 19th. Robert W. Baird lifted their target price on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. Wedbush restated an "underperform" rating on shares of Micron Technology in a report on Monday, April 28th. Barclays lowered their price objective on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. cut their target price on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and a consensus price target of $127.04.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the 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 transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP April S. Arnzen sold 15,000 shares of the business'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 transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.

Micron Technology Stock Down 0.4 %

Shares of MU traded down $0.30 during trading hours on Monday, reaching $80.42. 12,499,628 shares of the stock traded hands, compared to its average volume of 23,283,168. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. The company has a market cap of $89.88 billion, a price-to-earnings ratio of 23.18 and a beta of 1.18. The stock has a fifty day simple moving average of $83.63 and a 200 day simple moving average of $93.77. 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 (NASDAQ:MU - Get Free Report) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company's revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 EPS. On average, equities analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared 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 of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.57%. Micron Technology's payout ratio is currently 11.03%.

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.