AI Squared Management Ltd Takes Position in Micron Technology, Inc. (NASDAQ:MU)

AI Squared Management Ltd purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,200 shares of the semiconductor manufacturer's stock, valued at approximately $3,004,000. Micron Technology makes up 3.8% of AI Squared Management Ltd's holdings, making the stock its 7th biggest holding.

A number of other large investors have also added to or reduced their stakes in MU. National Pension Service increased its stake in Micron Technology by 2.3% in the fourth quarter. National Pension Service now owns 1,877,207 shares of the semiconductor manufacturer's stock valued at $160,201,000 after acquiring an additional 42,206 shares during the last quarter. RMR Wealth Builders acquired a new position in shares of Micron Technology during the 4th quarter worth $208,000. Picton Mahoney Asset Management raised its holdings in shares of Micron Technology by 2.7% during the 4th quarter. Picton Mahoney Asset Management now owns 180,682 shares of the semiconductor manufacturer's stock worth $15,419,000 after buying an additional 4,783 shares in the last quarter. Sawgrass Asset Management LLC acquired a new stake in Micron Technology in the fourth quarter valued at about $212,000. Finally, Sovereign Financial Group Inc. bought a new position in Micron Technology in the fourth quarter valued at about $221,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Stock Down 1.3 %

Shares of MU stock traded down $1.51 on Thursday, hitting $117.81. The stock had a trading volume of 11,506,274 shares, compared to its average volume of 19,999,340. Micron Technology, Inc. has a 12-month low of $59.79 and a 12-month high of $130.54. The stock has a market cap of $130.06 billion, a price-to-earnings ratio of -34.15 and a beta of 1.27. The business has a 50 day moving average of $110.70 and a 200 day moving average of $90.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.69. The company had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. During the same period last year, the business posted ($2.03) earnings per share. Micron Technology's revenue was up 57.7% on a year-over-year basis. As a group, analysts expect that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology's dividend payout ratio (DPR) is -13.33%.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the business's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $120.32, for a total value of $842,240.00. Following the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $86,515,975.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Manish H. Bhatia sold 53,317 shares of the business's stock in a transaction on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $120.32, for a total value of $842,240.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company's stock, valued at approximately $86,515,975.68. The disclosure for this sale can be found here. Insiders sold 377,207 shares of company stock valued at $42,681,947 over the last ninety days. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Piper Sandler increased their price target on Micron Technology from $95.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, March 21st. StockNews.com upgraded Micron Technology from a "sell" rating to a "hold" rating in a report on Friday, March 22nd. Fox Advisors upgraded shares of Micron Technology from an "equal weight" rating to an "overweight" rating in a report on Thursday, March 21st. TD Cowen boosted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, March 21st. Finally, KeyCorp raised their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $123.60.

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.