Formula Growth Ltd. Sells 11,218 Shares of Micron Technology, Inc. (NASDAQ:MU)

Formula Growth Ltd. lessened its stake in Micron Technology, Inc. (NASDAQ:MU) by 22.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,000 shares of the semiconductor manufacturer’s stock after selling 11,218 shares during the quarter. Formula Growth Ltd.’s holdings in Micron Technology were worth $3,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. E Fund Management Co. Ltd. grew its holdings in Micron Technology by 31.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock worth $3,062,000 after acquiring an additional 8,780 shares during the period. CIBC Private Wealth Group LLC raised its position in Micron Technology by 43.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock valued at $1,193,000 after buying an additional 4,264 shares during the last quarter. Stablepoint Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $569,000. Landscape Capital Management L.L.C. increased its stake in Micron Technology by 167.0% in the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer’s stock valued at $3,851,000 after buying an additional 28,621 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in Micron Technology by 11.7% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 502,374 shares of the semiconductor manufacturer’s stock worth $42,280,000 after acquiring an additional 52,729 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Down 0.8 %

MU stock opened at $68.80 on Friday. The company has a market cap of $76.89 billion, a PE ratio of 19.83 and a beta of 1.18. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. The business has a 50-day simple moving average of $88.23 and a 200 day simple moving average of $95.92.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.67%. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now owns 164,769 shares of the company’s stock, valued at $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. lowered their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Robert W. Baird raised their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Wedbush reissued an “outperform” rating and set a $125.00 price target on shares of Micron Technology in a research report on Monday, March 17th. Finally, China Renaissance cut Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $129.36.

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.