Fred Alger Management LLC Has $65 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Fred Alger Management LLC cut its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 58.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 626,786 shares of the semiconductor manufacturer's stock after selling 880,086 shares during the period. Fred Alger Management LLC owned 0.06% of Micron Technology worth $65,004,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MU. Atria Investments Inc raised its stake in shares of Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer's stock valued at $3,269,000 after acquiring an additional 93 shares in the last quarter. Aspect Partners LLC raised its position in shares of Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer's stock valued at $43,000 after buying an additional 94 shares during the last quarter. Ameritas Advisory Services LLC raised its position in shares of Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer's stock valued at $1,003,000 after buying an additional 98 shares during the last quarter. Stonebrook Private Inc. lifted its stake in shares of Micron Technology by 4.2% in the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer's stock valued at $255,000 after buying an additional 98 shares during the period. Finally, LRI Investments LLC increased its stake in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock valued at $36,000 after acquiring an additional 99 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Down 0.3 %

Shares of MU stock traded down $0.25 during trading hours on Friday, hitting $97.95. 13,729,437 shares of the company were exchanged, compared to its average volume of 21,452,131. Micron Technology, Inc. has a 52 week low of $72.93 and a 52 week high of $157.54. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $103.46 and a two-hundred day moving average of $111.71. The company has a market capitalization of $109.12 billion, a PE ratio of 143.41 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) EPS. The business's revenue was up 93.3% on a year-over-year basis. Analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's payout ratio is presently 67.65%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Susquehanna reduced their price objective on shares of Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a report on Thursday, September 26th. TD Cowen raised their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Bank of America upped their price objective on Micron Technology from $110.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Raymond James increased their target price on Micron Technology from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Thursday, September 26th. Finally, Morgan Stanley boosted their price target on Micron Technology from $100.00 to $114.00 and gave the company an "equal weight" rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $143.04.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is 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.