Forum Financial Management LP Boosts Position in Micron Technology, Inc. (NASDAQ:MU)

Forum Financial Management LP boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 108.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,539 shares of the semiconductor manufacturer’s stock after purchasing an additional 15,898 shares during the period. Forum Financial Management LP’s holdings in Micron Technology were worth $2,570,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MU. Norges Bank purchased a new stake in Micron Technology during the 4th quarter valued at approximately $1,470,875,000. FMR LLC boosted its holdings in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital International Investors raised its stake in shares of Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after acquiring an additional 4,375,232 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of Micron Technology by 339.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,255,000 shares of the semiconductor manufacturer’s stock valued at $189,781,000 after buying an additional 1,742,073 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Micron Technology in the fourth quarter worth about $135,865,000. 80.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MU has been the subject of several research reports. Citigroup lowered their price objective on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Barclays increased their price objective on Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Cantor Fitzgerald restated an “overweight” rating and set a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. KGI Securities raised Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Finally, Robert W. Baird lifted their price objective on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $129.36.

Micron Technology Price Performance

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

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter last year, the company posted $0.42 earnings per share. The business’s quarterly revenue was up 38.2% on a year-over-year basis. As a group, equities analysts expect 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. Shareholders of record on Monday, March 31st were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The shares were 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 owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was 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 this link. Also, EVP April S. Arnzen sold 15,000 shares of the 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 in the company, valued at approximately $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. Insiders own 0.30% of the company’s stock.

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.