Sumitomo Mitsui Financial Group Inc. Buys 15,800 Shares of Micron Technology, Inc. (NASDAQ:MU)

Sumitomo Mitsui Financial Group Inc. boosted its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3,326.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,275 shares of the semiconductor manufacturer's stock after purchasing an additional 15,800 shares during the period. Sumitomo Mitsui Financial Group Inc.'s holdings in Micron Technology were worth $1,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Sandy Spring Bank grew its holdings in Micron Technology by 11.1% during the fourth quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer's stock worth $111,000 after acquiring an additional 130 shares during the period. HMS Capital Management LLC lifted its stake in Micron Technology by 0.7% during the fourth quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer's stock valued at $1,693,000 after buying an additional 138 shares in the last quarter. JFS Wealth Advisors LLC increased its position in shares of Micron Technology by 11.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,417 shares of the semiconductor manufacturer's stock worth $121,000 after acquiring an additional 140 shares in the last quarter. Huntington National Bank raised its holdings in shares of Micron Technology by 6.0% during the third quarter. Huntington National Bank now owns 2,652 shares of the semiconductor manufacturer's stock valued at $180,000 after acquiring an additional 149 shares during the period. Finally, Allworth Financial LP raised its stake in Micron Technology by 3.0% during the 4th quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer's stock valued at $437,000 after purchasing an additional 150 shares during the period. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

NASDAQ:MU traded up $3.00 during mid-day trading on Wednesday, hitting $127.81. The stock had a trading volume of 14,240,047 shares, compared to its average volume of 19,772,883. The company has a 50 day simple moving average of $112.92 and a 200-day simple moving average of $92.63. The stock has a market capitalization of $141.53 billion, a price-to-earnings ratio of -37.05 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52 week low of $60.50 and a 52 week high of $130.54.

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

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.36%. Micron Technology's payout ratio is -13.33%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MU shares. Cantor Fitzgerald raised their target price on Micron Technology from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Monday, April 8th. StockNews.com raised shares of Micron Technology from a "sell" rating to a "hold" rating in a report on Friday, March 22nd. Rosenblatt Securities restated a "buy" rating and issued a $140.00 price objective on shares of Micron Technology in a report on Monday, March 18th. Mizuho upped their price target on Micron Technology from $105.00 to $124.00 and gave the company a "buy" rating in a research note on Thursday, March 21st. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $140.00 price target on shares of Micron Technology in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $124.60.

Insider Activity

In related news, EVP Sumit Sadana sold 12,000 shares of Micron Technology stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $123.01, for a total value of $1,476,120.00. Following the sale, the executive vice president now owns 218,048 shares of the company's stock, valued at approximately $26,822,084.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $80.44, for a total transaction of $563,080.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares of the company's stock, valued at approximately $63,431,525.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sumit Sadana sold 12,000 shares of Micron Technology stock in a transaction on Monday, May 13th. The stock was sold at an average price of $123.01, for a total transaction of $1,476,120.00. Following the transaction, the executive vice president now directly owns 218,048 shares of the company's stock, valued at approximately $26,822,084.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 395,446 shares of company stock valued at $45,156,253. Company insiders own 0.32% 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.