Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 25,400 Shares of Micron Technology, Inc. $MU

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Micron Technology by 15.1%, selling 25,400 shares, bringing its total holdings to 142,740 shares valued at approximately $12.4 million.
• Analysts have raised price targets for Micron Technology, with UBS increasing their target from $120 to $155 and several others setting targets as high as $200, indicating a strong consensus of a "buy" rating.
• Micron Technology reported a quarterly earnings per share of $1.91, surpassing analyst estimates, with revenue of $9.3 billion, which also exceeded expected figures, reflecting solid financial performance.

Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 142,740 shares of the semiconductor manufacturer's stock after selling 25,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Micron Technology were worth $12,403,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology during the first quarter worth approximately $33,000. AllSquare Wealth Management LLC increased its position in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Micron Technology during the 1st quarter worth approximately $36,000. Finally, Roxbury Financial LLC raised its position in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Trading Up 1.5%

Shares of MU traded up $1.86 during mid-day trading on Monday, hitting $122.73. The company had a trading volume of 6,804,566 shares, compared to its average volume of 23,025,400. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The business's 50-day simple moving average is $118.02 and its 200-day simple moving average is $99.17. The stock has a market cap of $137.35 billion, a PE ratio of 22.10 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same period last year, the business earned $0.62 EPS. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio is presently 8.29%.

Insider Buying and Selling at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total value of $291,557.12. Following the completion of the transaction, the director directly owned 22,550 shares of the company's stock, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 286,042 shares of company stock worth $34,679,277. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MU. Mizuho upped their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Susquehanna upped their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research report on Thursday, June 26th. Bank of America boosted their price target on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, June 26th. UBS Group boosted their price objective on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Micron Technology in a report on Thursday, July 10th. They set a "buy" rating and a $150.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $147.24.

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.