USS Investment Management Ltd Cuts Holdings in Micron Technology, Inc. (NASDAQ:MU)

USS Investment Management Ltd decreased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 190,183 shares of the semiconductor manufacturer's stock after selling 5,804 shares during the period. USS Investment Management Ltd's holdings in Micron Technology were worth $16,007,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Waverly Advisors LLC raised its holdings in Micron Technology by 179.3% during the 4th quarter. Waverly Advisors LLC now owns 58,075 shares of the semiconductor manufacturer's stock valued at $4,888,000 after acquiring an additional 37,285 shares during the period. Wesleyan Assurance Society purchased a new position in shares of Micron Technology during the fourth quarter worth about $6,219,000. Woodline Partners LP increased its position in shares of Micron Technology by 128.8% in the fourth quarter. Woodline Partners LP now owns 865,041 shares of the semiconductor manufacturer's stock worth $72,802,000 after purchasing an additional 486,931 shares during the last quarter. Vident Advisory LLC lifted its position in Micron Technology by 14.3% during the fourth quarter. Vident Advisory LLC now owns 373,599 shares of the semiconductor manufacturer's stock valued at $31,442,000 after purchasing an additional 46,873 shares during the last quarter. Finally, Sphera Management Technology Funds Ltd purchased a new position in Micron Technology in the fourth quarter worth $2,104,000. Institutional investors own 80.84% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MU. KGI Securities raised Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Morgan Stanley reduced their target price on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Citigroup lowered 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. JPMorgan Chase & Co. reduced their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Finally, China Renaissance downgraded Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective on the stock. in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $126.48.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction 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. This trade represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,808 shares of company stock worth $1,858,424. Insiders own 0.30% of the company's stock.

Micron Technology Stock Down 0.6%

Shares of NASDAQ:MU opened at $98.10 on Wednesday. The firm has a market capitalization of $109.63 billion, a P/E ratio of 28.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a 50 day moving average price of $83.25 and a 200-day moving average price of $92.59. 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 results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm's revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.42 earnings per share. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. Micron Technology's payout ratio is 11.03%.

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.

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