Sumitomo Mitsui Trust Group Inc. Grows Position in Micron Technology, Inc. (NASDAQ:MU)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,366,631 shares of the semiconductor manufacturer's stock after purchasing an additional 17,970 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.39% of Micron Technology worth $379,417,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC bought a new position in Micron Technology during the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in Micron Technology during the first quarter valued at approximately $33,000. Roxbury Financial LLC lifted its position in Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares during the period. Curio Wealth LLC bought a new position in Micron Technology in the fourth quarter worth approximately $34,000. Finally, Hurley Capital LLC bought a new position in Micron Technology in the fourth quarter worth approximately $37,000. Institutional investors own 80.84% of the company's stock.

Micron Technology Price Performance

MU traded down $1.24 during trading on Friday, hitting $124.76. 36,813,002 shares of the company traded hands, compared to its average volume of 23,307,672. The company has a market cap of $139.43 billion, a PE ratio of 22.48 and a beta of 1.28. The stock's 50-day simple moving average is $98.71 and its two-hundred day simple moving average is $94.18. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $137.13. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.88%. During the same period last year, the company posted $0.62 earnings per share. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have weighed in on MU shares. Barclays increased their price target on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday. KeyCorp increased their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a research report on Thursday. UBS Group increased their price target on shares of Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday. China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a research report on Wednesday, March 26th. Finally, Cantor Fitzgerald increased their price target on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $146.21.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the sale, the executive vice president now directly owns 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 3,562 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.46, for a total transaction of $393,458.52. Following the sale, the chief executive officer now owns 391,113 shares in the company, valued at $43,202,341.98. This represents a 0.90% decrease in their ownership of the stock. 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. Corporate insiders own 0.30% of the company's stock.

Micron Technology Company 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.