Micron Technology, Inc. (NASDAQ:MU) Shares Purchased by Somerset Trust Co

Somerset Trust Co lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 45.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,552 shares of the semiconductor manufacturer's stock after purchasing an additional 2,677 shares during the quarter. Somerset Trust Co's holdings in Micron Technology were worth $743,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer's stock worth $8,403,982,000 after acquiring an additional 888,087 shares during the period. FMR LLC boosted its position in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital World Investors grew its holdings in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after buying an additional 726,282 shares in the last quarter. Finally, Norges Bank acquired a new stake in Micron Technology in the 4th quarter valued at approximately $1,470,875,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent research reports. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research report on Wednesday, March 19th. UBS Group decreased their price target 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. Citigroup decreased their price target on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Wedbush reiterated an "underperform" rating on shares of Micron Technology in a research note on Monday, April 28th. Finally, KGI Securities upgraded shares of Micron Technology to a "strong-buy" rating in a research note on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $126.48.

Micron Technology Stock Down 2.5%

Shares of NASDAQ:MU traded down $2.38 on Friday, hitting $94.42. 23,746,837 shares of the company traded hands, compared to its average volume of 23,534,417. The company has a market cap of $105.52 billion, a PE 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. The stock has a 50 day simple moving average of $82.55 and a 200-day simple moving average of $91.98. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. Micron Technology's revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm 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 was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The shares were 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 owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated 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 sale, the director now owns 24,954 shares of the company's stock, valued at $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,808 shares of company stock worth $1,858,424 in the last three months. 0.30% of the stock is owned by company insiders.

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.