Pamalican Asset Management Ltd Acquires New Shares in Micron Technology, Inc. (NASDAQ:MU)

Pamalican Asset Management Ltd acquired a new position in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, HoldingsChannel reports. The fund acquired 56,100 shares of the semiconductor manufacturer’s stock, valued at approximately $4,721,000. Micron Technology comprises 2.1% of Pamalican Asset Management Ltd’s investment portfolio, making the stock its 17th biggest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Micron Technology during the fourth quarter valued at approximately $1,470,875,000. Nomura Asset Management Co. Ltd. increased its position in shares of Micron Technology by 339.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,255,000 shares of the semiconductor manufacturer’s stock worth $189,781,000 after purchasing an additional 1,742,073 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Micron Technology during the 4th quarter valued at $135,865,000. State Street Corp lifted its holdings in shares of Micron Technology by 3.1% during 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. Finally, Worldquant Millennium Advisors LLC raised its stake in Micron Technology by 254.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock valued at $192,840,000 after buying an additional 1,334,690 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Micron Technology Stock Down 16.1 %

MU stock opened at $74.34 on Friday. The firm’s fifty day moving average is $94.19 and its 200 day moving average is $98.25. The firm has a market cap of $83.08 billion, a PE ratio of 21.42 and a beta of 1.23. Micron Technology, Inc. has a one year low of $69.95 and a one year high of $157.54. 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 earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period last year, the firm earned $0.42 EPS. On average, research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Monday, March 31st. Micron Technology’s payout ratio is 11.03%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MU. Royal Bank of Canada set a $125.00 price target on Micron Technology in a research note on Wednesday, March 19th. Citigroup dropped their target price on shares of Micron Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Barclays raised their price target on shares of Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group reduced their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $129.76.

Micron Technology 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.