Allstate Corp Makes New $2.77 Million Investment in Micron Technology, Inc. (NASDAQ:MU)

Allstate Corp bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 32,891 shares of the semiconductor manufacturer’s stock, valued at approximately $2,768,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MU. Townsquare Capital LLC boosted its holdings in shares of Micron Technology by 38.1% during the 3rd quarter. Townsquare Capital LLC now owns 20,811 shares of the semiconductor manufacturer’s stock valued at $2,158,000 after buying an additional 5,737 shares in the last quarter. Freedom Investment Management Inc. lifted its position in Micron Technology by 68.3% during the 3rd quarter. Freedom Investment Management Inc. now owns 5,817 shares of the semiconductor manufacturer’s stock valued at $603,000 after acquiring an additional 2,361 shares during the period. CreativeOne Wealth LLC boosted its stake in Micron Technology by 12.8% during the third quarter. CreativeOne Wealth LLC now owns 7,231 shares of the semiconductor manufacturer’s stock worth $750,000 after acquiring an additional 823 shares in the last quarter. Fiduciary Trust Co grew its holdings in Micron Technology by 6.3% in the third quarter. Fiduciary Trust Co now owns 6,377 shares of the semiconductor manufacturer’s stock worth $661,000 after purchasing an additional 376 shares during the period. Finally, Icon Wealth Advisors LLC bought a new position in shares of Micron Technology during the third quarter valued at approximately $186,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

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

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $88.44 on Friday. The firm’s 50 day moving average price is $96.00 and its 200-day moving average price is $98.45. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $98.84 billion, a PE ratio of 25.49 and a beta of 1.23. Micron Technology, Inc. has a twelve month low of $83.54 and a twelve month high of $157.54.

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

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology’s payout ratio is 11.03%.

Analyst Upgrades and Downgrades

MU has been the topic of several recent research reports. Stifel Nicolaus cut their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. The Goldman Sachs Group cut their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Mizuho cut their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. Finally, Rosenblatt Securities decreased their target price on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $129.76.

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.