Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 26.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 949,675 shares of the semiconductor manufacturer’s stock after selling 347,213 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Micron Technology were worth $81,045,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Micron Technology by 0.3% during the third quarter. Vanguard Group Inc. now owns 94,229,187 shares of the semiconductor manufacturer’s stock worth $6,410,412,000 after purchasing an additional 305,860 shares in the last quarter. State Street Corp raised its holdings in Micron Technology by 2.4% during the first quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock worth $2,770,316,000 after purchasing an additional 1,074,820 shares in the last quarter. FMR LLC increased its holdings in shares of Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after buying an additional 7,089,790 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Micron Technology by 1.3% in the first quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock valued at $1,225,181,000 after buying an additional 253,179 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after buying an additional 5,257,201 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the completion of the transaction, the chief executive officer now owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total value of $611,870.00. Following the completion of the transaction, the chief executive officer now owns 642,251 shares of the company’s stock, valued at $56,139,159.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 313,890 shares of company stock valued at $33,354,527. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

MU stock traded up $0.40 during mid-day trading on Tuesday, reaching $121.77. 17,296,859 shares of the stock traded hands, compared to its average volume of 20,229,406. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52 week low of $58.03 and a 52 week high of $130.54. The business has a 50-day moving average of $100.62 and a two-hundred day moving average of $85.63. The firm has a market capitalization of $134.84 billion, a PE ratio of -35.50 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period in the prior year, the company earned ($2.03) earnings per share. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Analyst Ratings Changes

Several research firms have issued reports on MU. The Goldman Sachs Group upped their price target on Micron Technology from $85.00 to $97.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Mizuho upped their price target on Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Wedbush upped their price target on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Bank of America boosted their target price on shares of Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $122.20.

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.