Miracle Mile Advisors LLC Takes $253,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Miracle Mile Advisors LLC bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,002 shares of the semiconductor manufacturer’s stock, valued at approximately $253,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Micron Technology by 3.1% in the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the last quarter. Primecap Management Co. CA boosted its holdings in Micron Technology by 0.6% in the third quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after acquiring an additional 206,499 shares during the last quarter. Geode Capital Management LLC grew its position in Micron Technology by 3.9% during the third quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer’s stock valued at $2,451,987,000 after acquiring an additional 892,607 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Micron Technology by 21.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after acquiring an additional 2,022,180 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after purchasing an additional 2,477,985 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Micron Technology Stock Down 0.6 %

Shares of Micron Technology stock opened at $102.60 on Friday. The business has a 50-day moving average price of $98.21 and a 200 day moving average price of $102.66. Micron Technology, Inc. has a fifty-two week low of $79.15 and a fifty-two week high of $157.54. The firm has a market cap of $114.31 billion, a P/E ratio of 29.57 and a beta of 1.18. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the previous year, the business earned ($0.95) EPS. The business’s quarterly revenue was up 84.3% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Stifel Nicolaus decreased their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Susquehanna decreased their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Raymond James raised their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Wells Fargo & Company cut their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.24.

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.