Bank of New York Mellon Corp Boosts Holdings in Micron Technology, Inc. (NASDAQ:MU)

Bank of New York Mellon Corp grew its position in Micron Technology, Inc. (NASDAQ:MU) by 1.5% during the 4th quarter, HoldingsChannel reports. The fund owned 9,956,311 shares of the semiconductor manufacturer’s stock after purchasing an additional 144,897 shares during the period. Bank of New York Mellon Corp’s holdings in Micron Technology were worth $837,923,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB lifted its stake in shares of Micron Technology by 30.4% during the 3rd quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock worth $358,403,000 after acquiring an additional 806,639 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in Micron Technology by 65.2% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 5,450 shares of the semiconductor manufacturer’s stock worth $565,000 after purchasing an additional 2,151 shares during the period. Allworth Financial LP lifted its position in shares of Micron Technology by 14.7% during the third quarter. Allworth Financial LP now owns 6,784 shares of the semiconductor manufacturer’s stock worth $704,000 after purchasing an additional 872 shares during the last quarter. Arkadios Wealth Advisors boosted its stake in shares of Micron Technology by 44.1% during the third quarter. Arkadios Wealth Advisors now owns 8,282 shares of the semiconductor manufacturer’s stock valued at $859,000 after purchasing an additional 2,536 shares during the period. Finally, Modera Wealth Management LLC grew its holdings in shares of Micron Technology by 14.9% in the third quarter. Modera Wealth Management LLC now owns 4,093 shares of the semiconductor manufacturer’s stock worth $425,000 after purchasing an additional 531 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 2.3 %

Micron Technology stock opened at $93.22 on Wednesday. The business has a fifty day moving average price of $95.71 and a 200-day moving average price of $98.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a 1-year low of $83.54 and a 1-year high of $157.54. The stock has a market capitalization of $103.86 billion, a price-to-earnings ratio of 26.86 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same period last year, the business earned ($0.95) EPS. Equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MU. Cantor Fitzgerald decreased their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Mizuho dropped their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Needham & Company LLC decreased their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. lowered their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $134.96.

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.