NewEdge Wealth LLC Boosts Holdings in Micron Technology, Inc. (NASDAQ:MU)

NewEdge Wealth LLC raised its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 34,720 shares of the semiconductor manufacturer’s stock after acquiring an additional 359 shares during the period. NewEdge Wealth LLC’s holdings in Micron Technology were worth $2,922,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the business. National Pension Service increased its stake in shares of Micron Technology by 1.1% in the fourth quarter. National Pension Service now owns 2,605,763 shares of the semiconductor manufacturer’s stock worth $219,301,000 after purchasing an additional 28,457 shares in the last quarter. Lake Street Advisors Group LLC boosted its position in shares of Micron Technology by 6.9% in the fourth quarter. Lake Street Advisors Group LLC now owns 10,201 shares of the semiconductor manufacturer’s stock valued at $860,000 after acquiring an additional 656 shares during the period. Longbow Finance SA bought a new position in shares of Micron Technology in the fourth quarter valued at approximately $7,154,000. Bank of New York Mellon Corp boosted its position in shares of Micron Technology by 1.5% in the fourth quarter. Bank of New York Mellon Corp now owns 9,956,311 shares of the semiconductor manufacturer’s stock valued at $837,923,000 after acquiring an additional 144,897 shares during the period. Finally, Pine Valley Investments Ltd Liability Co boosted its position in shares of Micron Technology by 1.5% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 15,082 shares of the semiconductor manufacturer’s stock valued at $1,269,000 after acquiring an additional 219 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $93.63 on Friday. Micron Technology, Inc. has a 52-week low of $83.54 and a 52-week high of $157.54. The stock has a market capitalization of $104.32 billion, a price-to-earnings ratio of 26.98 and a beta of 1.18. The company has a fifty day moving average of $95.75 and a 200-day moving average of $98.87. 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 (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same period in the prior year, the business posted ($0.95) EPS. The firm’s revenue was up 84.3% compared to the same quarter last year. Equities research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. Micron Technology’s dividend payout ratio is currently 13.26%.

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 Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MU. Needham & Company LLC cut their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Mizuho cut their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Barclays cut their price objective on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. TD Cowen cut their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, Wells Fargo & Company cut their price objective on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $134.96.

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.