Picton Mahoney Asset Management Buys 4,783 Shares of Micron Technology, Inc. (NASDAQ:MU)

Picton Mahoney Asset Management grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 180,682 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,783 shares during the quarter. Picton Mahoney Asset Management’s holdings in Micron Technology were worth $15,419,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MU. Northern Trust Corp raised its position in shares of Micron Technology by 0.7% during the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after purchasing an additional 80,345 shares during the period. L2 Asset Management LLC boosted its holdings in shares of Micron Technology by 492.3% in the third quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after buying an additional 21,979 shares during the period. Invesco Ltd. increased its position in shares of Micron Technology by 11.8% during the third quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock worth $599,203,000 after acquiring an additional 927,302 shares in the last quarter. Merlin Capital Inc acquired a new stake in shares of Micron Technology during the third quarter worth $407,000. Finally, Amitell Capital Pte Ltd boosted its stake in Micron Technology by 97.9% in the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock worth $6,477,000 after purchasing an additional 47,105 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 316,890 shares of company stock worth $35,485,387 over the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. Wedbush lifted their target price on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. TD Cowen increased their price target on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. Finally, Wells Fargo & Company boosted their price target on Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $123.60.

Micron Technology Trading Down 0.8 %

Micron Technology stock traded down $0.92 during trading hours on Tuesday, hitting $119.21. The stock had a trading volume of 12,468,907 shares, compared to its average volume of 20,199,230. The stock has a market cap of $131.61 billion, a price-to-earnings ratio of -34.55 and a beta of 1.27. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $110.11 and its 200-day simple moving average is $90.70. Micron Technology, Inc. has a one year low of $59.55 and a one year high of $130.54.

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

Micron Technology Announces Dividend

The company also recently disclosed 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. This represents a $0.46 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

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.