Yacktman Asset Management LP Lowers Position in Micron Technology, Inc. (NASDAQ:MU)

Yacktman Asset Management LP lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 395,600 shares of the semiconductor manufacturer’s stock after selling 4,845 shares during the period. Yacktman Asset Management LP’s holdings in Micron Technology were worth $33,761,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Bailard Inc. lifted its position in Micron Technology by 13.5% during the fourth quarter. Bailard Inc. now owns 54,558 shares of the semiconductor manufacturer’s stock valued at $4,656,000 after buying an additional 6,508 shares in the last quarter. Sycomore Asset Management lifted its holdings in shares of Micron Technology by 29.9% during the 4th quarter. Sycomore Asset Management now owns 96,782 shares of the semiconductor manufacturer’s stock valued at $8,387,000 after acquiring an additional 22,300 shares in the last quarter. Retirement Solution Inc. purchased a new stake in Micron Technology during the 4th quarter worth $587,000. Tokio Marine Asset Management Co. Ltd. increased its holdings in Micron Technology by 6.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,340 shares of the semiconductor manufacturer’s stock valued at $2,163,000 after purchasing an additional 1,543 shares in the last quarter. Finally, Atria Wealth Solutions Inc. raised its position in Micron Technology by 11.8% in the fourth quarter. Atria Wealth Solutions Inc. now owns 67,657 shares of the semiconductor manufacturer’s stock valued at $5,777,000 after purchasing an additional 7,114 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 2.8 %

NASDAQ MU traded up $3.16 during trading on Friday, reaching $114.74. 15,164,086 shares of the company’s stock were exchanged, compared to its average volume of 20,489,420. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a fifty-two week low of $59.55 and a fifty-two week high of $130.54. The company’s fifty day simple moving average is $105.24 and its 200-day simple moving average is $87.85. The firm has a market capitalization of $127.06 billion, a PE ratio of -32.79 and a beta of 1.27.

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

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MU shares. Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. Piper Sandler raised their price objective on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research note on Thursday, March 21st. Cantor Fitzgerald upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Finally, Barclays raised their target price on Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $122.20.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.84, for a total value of $593,880.00. Following the transaction, the chief executive officer now owns 788,557 shares of the company’s stock, valued at approximately $66,901,175.88. The disclosure for this sale can be found here. Insiders sold a total of 268,890 shares of company stock worth $29,738,667 in the last three months. 0.32% of the stock is owned by insiders.

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.