Van ECK Associates Corp Has $501.01 Million Holdings in Micron Technology, Inc. (NASDAQ:MU)

Van ECK Associates Corp raised its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 19.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,870,696 shares of the semiconductor manufacturer’s stock after acquiring an additional 951,286 shares during the period. Micron Technology accounts for 0.9% of Van ECK Associates Corp’s investment portfolio, making the stock its 23rd biggest position. Van ECK Associates Corp’s holdings in Micron Technology were worth $501,005,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MU. OFI Invest Asset Management acquired a new stake in shares of Micron Technology during the third quarter worth approximately $27,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Micron Technology during the 3rd quarter valued at $28,000. VisionPoint Advisory Group LLC grew its holdings in shares of Micron Technology by 68.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 198 shares in the last quarter. Cape Investment Advisory Inc. increased its stake in shares of Micron Technology by 51.0% in the third quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 200 shares during the last quarter. Finally, Clear Street Markets LLC raised its holdings in shares of Micron Technology by 67.5% during the third quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock worth $42,000 after acquiring an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

MU stock traded down $0.48 during trading on Monday, hitting $114.36. The company had a trading volume of 14,408,877 shares, compared to its average volume of 20,487,531. The company has a fifty day moving average price of $105.94 and a two-hundred day moving average price of $88.43. Micron Technology, Inc. has a fifty-two week low of $59.55 and a fifty-two week high of $130.54. The company has a market cap of $126.64 billion, a P/E ratio of -32.94 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.03) EPS. Equities research analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now directly owns 728,557 shares in the company, valued at approximately $94,712,410. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 268,890 shares of company stock worth $29,738,667. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MU. Mizuho upped their target price on Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. UBS Group increased their price objective on Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Piper Sandler raised their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird boosted their target price on shares of Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Finally, JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $122.20.

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.