Micron Technology, Inc. (NASDAQ:MU) Shares Sold by EULAV Asset Management

EULAV Asset Management lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 57.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,000 shares of the semiconductor manufacturer's stock after selling 52,000 shares during the period. EULAV Asset Management's holdings in Micron Technology were worth $3,302,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MU. Norges Bank acquired a new position in Micron Technology during the fourth quarter worth approximately $1,470,875,000. Capital World Investors increased its holdings in shares of Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC increased 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 holdings in shares of Micron Technology by 139.7% in 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 during the period. Finally, Capital International Investors increased its holdings in shares of Micron Technology by 36.3% in 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 during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Stock Up 0.7%

Shares of NASDAQ MU traded up $0.87 on Thursday, hitting $123.11. The company had a trading volume of 15,340,104 shares, compared to its average volume of 23,276,773. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $136.50. The business has a 50 day moving average of $106.25 and a two-hundred day moving average of $95.45. 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 firm has a market capitalization of $137.77 billion, a P/E ratio of 22.18 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.

Analysts Set New Price Targets

MU has been the topic of a number of analyst reports. KeyCorp lifted their price target on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Cantor Fitzgerald lifted their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Bank of America lifted 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. TD Cowen lifted their price target on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Morgan Stanley boosted their target price on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.

Insider Transactions at Micron Technology

In related news, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated 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 directly owned 148,167 shares of the company's stock, valued at $18,538,655.04. This represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,446 shares of company stock valued at $31,154,717 in the last three months. 0.30% of the stock is currently owned by company insiders.

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.