Adams Diversified Equity Fund Inc. Trims Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Adams Diversified Equity Fund Inc. cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 24.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,300 shares of the semiconductor manufacturer's stock after selling 36,700 shares during the quarter. Adams Diversified Equity Fund Inc.'s holdings in Micron Technology were worth $9,758,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Micron Technology in the 4th quarter worth $1,470,875,000. Capital World Investors boosted its position in shares of Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. FMR LLC grew its holdings in shares of Micron Technology by 34.6% in the fourth 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 period. Capital Research Global Investors increased its position in 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 worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the last quarter. Finally, Capital International Investors increased its position in 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.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 3,562 shares of Micron Technology stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.46, for a total transaction of $393,458.52. Following the completion of the sale, the chief executive officer now directly owns 391,113 shares of the company's stock, valued at approximately $43,202,341.98. The trade was a 0.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president now directly owns 148,167 shares in the company, valued at $18,538,655.04. This trade represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,404 shares of company stock valued at $8,509,167. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MU. JPMorgan Chase & Co. increased their price target on shares of Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday. UBS Group upped their price objective on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen upgraded Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Wedbush lifted their target price on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Piper Sandler upped their price target on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and an average target price of $144.67.

Micron Technology Stock Down 1.0%

Micron Technology stock traded down $1.25 during mid-day trading on Thursday, reaching $126.00. 62,077,374 shares of the company's stock were exchanged, compared to its average volume of 23,492,139. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $137.39. The company has a market cap of $140.81 billion, a P/E ratio of 30.22 and a beta of 1.28. The company has a fifty day moving average of $96.45 and a 200-day moving average of $93.89.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The business had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same period last year, the firm earned $0.62 earnings per share. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's payout ratio is presently 11.03%.

About Micron Technology

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.