88,845 Shares in Micron Technology, Inc. (NASDAQ:MU) Bought by Centre Asset Management LLC

Centre Asset Management LLC bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 88,845 shares of the semiconductor manufacturer's stock, valued at approximately $7,720,000. Micron Technology makes up 2.0% of Centre Asset Management LLC's portfolio, making the stock its 26th largest position.

Several other institutional investors have also made changes to their positions in the business. E Fund Management Co. Ltd. raised its stake in shares of Micron Technology by 31.8% in the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after acquiring an additional 8,780 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Micron Technology by 43.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after acquiring an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. raised its stake in shares of Micron Technology by 167.0% in the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after acquiring an additional 28,621 shares during the last quarter. Duquesne Family Office LLC acquired a new position in Micron Technology in the fourth quarter valued at approximately $34,412,000. Finally, SeaBridge Investment Advisors LLC acquired a new position in Micron Technology in the fourth quarter valued at approximately $240,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares in the company, valued at $1,996,320. This trade represents a 8.79% 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 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 transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $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 three months, insiders have sold 19,808 shares of company stock valued at $1,858,424. 0.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MU shares. Robert W. Baird increased their price objective 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. Rosenblatt Securities lowered 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. UBS Group lowered their target price on shares of Micron Technology from $130.00 to $92.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Wedbush reaffirmed an "underperform" rating on shares of Micron Technology in a research note on Monday, April 28th. Finally, China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.48.

Micron Technology Price Performance

Shares of NASDAQ:MU traded down $2.38 during midday trading on Friday, hitting $94.42. The stock had a trading volume of 23,746,837 shares, compared to its average volume of 23,534,417. The company's 50-day moving average price is $82.55 and its 200-day moving average price is $91.87. The company has a market capitalization of $105.52 billion, a P/E ratio of 27.21 and a beta of 1.21. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results 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 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%. The firm's revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend 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.