Wesleyan Assurance Society Invests $6.22 Million in Micron Technology, Inc. (NASDAQ:MU)

Wesleyan Assurance Society bought a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 73,900 shares of the semiconductor manufacturer's stock, valued at approximately $6,219,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Beacon Capital Management LLC increased its holdings in Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after acquiring an additional 200 shares during the last quarter. Midwest Capital Advisors LLC purchased a new stake in Micron Technology in the 4th quarter worth about $33,000. Comprehensive Financial Planning Inc. PA purchased a new stake in Micron Technology in the 4th quarter worth about $34,000. Curio Wealth LLC purchased a new stake in Micron Technology in the 4th quarter worth about $34,000. Finally, Activest Wealth Management increased its holdings in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after acquiring an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Price Performance

MU traded down $2.26 during trading on Wednesday, reaching $95.84. The stock had a trading volume of 15,715,764 shares, compared to its average volume of 23,487,796. The stock has a market cap of $107.11 billion, a PE ratio of 27.62 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. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $157.54. The business has a 50-day moving average of $83.15 and a 200-day moving average of $92.61.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The business 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 was up 38.2% on a year-over-year basis. During the same quarter 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 company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. Micron Technology's dividend payout ratio is presently 11.03%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MU shares. Citigroup lowered their target price on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Robert W. Baird boosted their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Royal Bank of Canada set a $125.00 target price on shares of Micron Technology in a report on Wednesday, March 19th. Wells Fargo & Company reissued an "equal weight" rating on shares of Micron Technology in a report on Monday, April 28th. Finally, KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $126.48.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. This trade represents a 8.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated 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 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. Insiders have sold a total of 19,808 shares of company stock valued at $1,858,424 over the last 90 days. 0.30% of the stock is owned by 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.