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% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 38,000 shares of the semiconductor manufacturer’s stock after selling 11,218 shares during the period. Formula Growth Ltd.’s holdings in Micron Technology were worth $3,198,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Beacon Capital Management LLC boosted its position in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after acquiring an additional 200 shares during the last quarter. Midwest Capital Advisors LLC acquired a new position in shares of Micron Technology during the 4th quarter valued at $33,000. Activest Wealth Management raised its holdings in shares of Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 350 shares during the period. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Finally, Curio Wealth LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now 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 ownership of the stock. The transaction 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 firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This represents 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 currently owned by insiders.

Micron Technology Price Performance

Micron Technology stock opened at $68.80 on Friday. The company has a market cap of $76.89 billion, a price-to-earnings ratio of 19.83 and a beta of 1.18. The business’s 50 day simple moving average is $88.23 and its 200 day simple moving average is $95.92. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for 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 company’s revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Royal Bank of Canada set a $125.00 price target on Micron Technology in a report on Wednesday, March 19th. Wedbush reissued an “outperform” rating and issued a $125.00 price target on shares of Micron Technology in a research report on Monday, March 17th. Citigroup lowered their price objective on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Barclays lifted their price objective on shares of Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Finally, Rosenblatt Securities lowered their target price on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $129.36.

About Micron Technology

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.