Fairtree Asset Management Pty Ltd Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Fairtree Asset Management Pty Ltd bought a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,581 shares of the semiconductor manufacturer's stock, valued at approximately $554,000.

Other hedge funds also recently made changes to their positions in the company. E Fund Management Co. Ltd. boosted its position in shares of Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after purchasing an additional 8,780 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in 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 in the last quarter. Landscape Capital Management L.L.C. grew 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 bought a new position in shares of Micron Technology during the fourth quarter valued at $34,412,000. Finally, SeaBridge Investment Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at $240,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

MU traded down $0.20 during midday trading on Wednesday, reaching $96.18. The company had a trading volume of 10,310,191 shares, compared to its average volume of 23,478,904. The business has a 50-day moving average of $82.54 and a two-hundred day moving average of $92.13. 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 1 year low of $61.54 and a 1 year high of $157.54. The company has a market cap of $107.49 billion, a P/E ratio of 27.72 and a beta of 1.21.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same period in the prior year, the firm posted $0.42 EPS. The firm's quarterly revenue was up 38.2% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Analyst Upgrades and Downgrades

Several analysts recently commented on MU shares. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Wedbush reiterated an "underperform" rating on shares of Micron Technology in a report on Monday, April 28th. China Renaissance lowered shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective for the company. in a report on Wednesday, March 26th. Morgan Stanley lowered their price objective on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Finally, Rosenblatt Securities reduced their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $126.48.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the firm'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 transaction 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 trade represents a 8.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the transaction, the director now directly owns 24,954 shares in the company, valued at $1,996,320. This trade represents a 8.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,808 shares of company stock valued at $1,858,424. Company insiders own 0.30% of the company's stock.

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.