Geode Capital Management LLC Purchases 726,282 Shares of Micron Technology, Inc. (NASDAQ:MU)

Geode Capital Management LLC raised its position in Micron Technology, Inc. (NASDAQ:MU) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,449,827 shares of the semiconductor manufacturer’s stock after purchasing an additional 726,282 shares during the period. Geode Capital Management LLC owned approximately 2.19% of Micron Technology worth $2,052,973,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of MU. Beacon Capital Management LLC lifted its stake in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares during the period. Midwest Capital Advisors LLC bought a new stake in Micron Technology in the 4th quarter valued at $33,000. Activest Wealth Management boosted its stake in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 350 shares during the period. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Micron Technology during the 4th quarter worth about $34,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology 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 transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the 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 transaction, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. The trade was a 8.34 % 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

NASDAQ:MU opened at $86.89 on Tuesday. The company has a market cap of $97.11 billion, a P/E ratio of 25.04 and a beta of 1.23. The firm’s fifty day moving average price is $95.62 and its two-hundred day moving average price is $98.51. Micron Technology, Inc. has a one year low of $83.54 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

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, beating 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 firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same period in the prior year, the firm earned $0.42 EPS. The business’s revenue was up 38.2% on a year-over-year basis. Equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s dividend payout ratio is presently 11.03%.

Analysts Set New Price Targets

MU has been the topic of a number of research reports. TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. UBS Group upped their price target on Micron Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, March 17th. The Goldman Sachs Group lowered their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wedbush reissued an “outperform” rating and issued a $125.00 price objective on shares of Micron Technology in a research report on Monday, March 17th. Finally, Morgan Stanley raised their target price on shares of Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $129.76.

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.