Cresset Asset Management LLC Decreases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Cresset Asset Management LLC decreased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 78.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,889 shares of the semiconductor manufacturer's stock after selling 74,408 shares during the quarter. Cresset Asset Management LLC's holdings in Micron Technology were worth $1,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Micron Technology in the fourth quarter worth about $1,470,875,000. Capital World Investors raised its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. FMR LLC raised its stake in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after buying an additional 12,249,341 shares in the last quarter. Capital Research Global Investors increased its stake 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 in the last quarter. Finally, Capital International Investors increased 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 valued at $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08% decrease in their position. The sale was disclosed in a legal 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 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 completion of the transaction, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,808 shares of company stock worth $1,858,424. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MU. Rosenblatt Securities decreased their target price on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Friday, March 21st. China Renaissance cut shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a report on Wednesday, March 26th. JPMorgan Chase & Co. cut their price target 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. Wells Fargo & Company reiterated an "equal weight" rating on shares of Micron Technology in a report on Monday, April 28th. Finally, Robert W. Baird increased their price target on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $126.48.

Micron Technology Price Performance

Shares of MU traded up $6.43 during midday trading on Monday, hitting $92.29. 27,737,592 shares of the company traded hands, compared to its average volume of 23,343,706. The firm has a 50 day moving average of $82.62 and a 200-day moving average of $92.89. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. The stock has a market cap of $103.14 billion, a price-to-earnings ratio of 26.60 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

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

Micron Technology Announces Dividend

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 $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.50%. Micron Technology's dividend payout ratio is presently 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.