Sawgrass Asset Management LLC Makes New $212,000 Investment in Micron Technology, Inc. (NASDAQ:MU)

Sawgrass Asset Management LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 2,480 shares of the semiconductor manufacturer’s stock, valued at approximately $212,000.

Several other institutional investors have also modified their holdings of the company. Sovereign Financial Group Inc. acquired a new stake in shares of Micron Technology in the fourth quarter valued at $221,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Micron Technology by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,450,347 shares of the semiconductor manufacturer’s stock valued at $550,473,000 after buying an additional 120,406 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Micron Technology in the fourth quarter valued at $223,000. Apollon Wealth Management LLC lifted its holdings in shares of Micron Technology by 36.1% in the fourth quarter. Apollon Wealth Management LLC now owns 18,048 shares of the semiconductor manufacturer’s stock valued at $1,540,000 after buying an additional 4,787 shares during the period. Finally, Lincoln National Corp lifted its holdings in shares of Micron Technology by 13.3% in the fourth quarter. Lincoln National Corp now owns 8,059 shares of the semiconductor manufacturer’s stock valued at $688,000 after buying an additional 948 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insiders Place Their Bets

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total transaction of $574,210.00. Following the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $64,685,330.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total transaction of $574,210.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at approximately $64,685,330.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The disclosure for this sale can be found here. In the last three months, insiders have sold 316,890 shares of company stock worth $35,485,387. Company insiders own 0.32% of the company’s stock.

Micron Technology Trading Down 0.8 %

Shares of Micron Technology stock traded down $0.92 during trading on Tuesday, hitting $119.21. 12,468,907 shares of the company were exchanged, compared to its average volume of 20,199,230. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The firm has a market capitalization of $131.61 billion, a P/E ratio of -34.55 and a beta of 1.27. The firm’s fifty day moving average price is $110.11 and its 200 day moving average price is $90.70. Micron Technology, Inc. has a 1-year low of $59.55 and a 1-year high of $130.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 57.7% on a year-over-year basis. During the same period last year, the company posted ($2.03) EPS. As a group, sell-side analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a $0.115 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.39%. Micron Technology’s dividend payout ratio is -13.33%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MU. Morgan Stanley upped their price objective on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a report on Thursday, March 21st. UBS Group boosted their target price on Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Barclays boosted their target price on Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $123.60.

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.