Zurcher Kantonalbank Zurich Cantonalbank Sells 347,213 Shares of Micron Technology, Inc. (NASDAQ:MU)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 26.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 949,675 shares of the semiconductor manufacturer’s stock after selling 347,213 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of Micron Technology worth $81,045,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Micron Technology by 411.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,274,070 shares of the semiconductor manufacturer’s stock valued at $763,398,000 after purchasing an additional 12,286,893 shares during the period. Norges Bank purchased a new position in shares of Micron Technology during the 4th quarter valued at about $581,559,000. FMR LLC lifted its position in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after buying an additional 7,089,790 shares in the last quarter. Morgan Stanley lifted its position in shares of Micron Technology by 59.2% during the 4th quarter. Morgan Stanley now owns 14,185,790 shares of the semiconductor manufacturer’s stock valued at $709,006,000 after buying an additional 5,274,984 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after buying an additional 5,257,201 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total transaction of $858,200.00. Following the transaction, the chief executive officer now owns 728,557 shares in the company, valued at $89,321,088.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total value of $858,200.00. Following the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $89,321,088.20. The disclosure for this sale can be found here. Insiders have sold a total of 313,890 shares of company stock valued at $33,354,527 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Micron Technology Stock Up 0.3 %

Shares of NASDAQ MU traded up $0.40 during mid-day trading on Tuesday, reaching $121.77. 17,296,859 shares of the company were exchanged, compared to its average volume of 20,229,406. 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 stock has a market cap of $134.84 billion, a price-to-earnings ratio of -35.50 and a beta of 1.27. Micron Technology, Inc. has a 1 year low of $58.03 and a 1 year high of $130.54. The firm has a 50-day moving average of $100.62 and a 200 day moving average of $85.63.

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

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 16th. Investors of record on Monday, April 1st will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Raymond James boosted their price target on Micron Technology from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. TD Cowen boosted their price target on Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, March 21st. Morgan Stanley boosted their price target on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a report on Thursday, March 21st. Finally, The Goldman Sachs Group boosted their price target on Micron Technology from $85.00 to $97.00 and gave the stock a “buy” rating in a report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.20.

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.