Rhumbline Advisers Sells 27,425 Shares of Micron Technology, Inc. (NASDAQ:MU)

Rhumbline Advisers decreased its position in Micron Technology, Inc. (NASDAQ:MU) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,016,606 shares of the semiconductor manufacturer’s stock after selling 27,425 shares during the period. Rhumbline Advisers’ holdings in Micron Technology were worth $169,717,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MU. Harmony Asset Management LLC lifted its stake in Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock valued at $1,233,000 after acquiring an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. lifted its stake in Micron Technology by 241.7% during the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after acquiring an additional 29,000 shares during the period. Chartwell Investment Partners LLC lifted its stake in Micron Technology by 26.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after acquiring an additional 40,802 shares during the period. Stablepoint Partners LLC bought a new position in Micron Technology during the 4th quarter valued at about $569,000. Finally, State Street Corp lifted its stake in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after acquiring an additional 1,434,568 shares during the period. Institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MU. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Mizuho reduced their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Barclays reduced their price target on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research report on Wednesday, December 18th. Finally, Robert W. Baird reduced their price target on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $134.96.

Insider Buying and Selling

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

Micron Technology Trading Up 4.0 %

Micron Technology stock opened at $99.52 on Friday. The firm’s 50 day moving average price is $96.13 and its 200-day moving average price is $98.70. Micron Technology, Inc. has a 1 year low of $79.15 and a 1 year high of $157.54. The stock has a market cap of $110.88 billion, a P/E ratio of 28.68 and a beta of 1.18. 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 (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the previous year, the business posted ($0.95) earnings per share. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. On average, equities analysts predict that Micron Technology, Inc. will post 6.29 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared 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 yield of 0.46%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio is presently 13.26%.

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.