Erste Asset Management GmbH Makes New $12.64 Million Investment in Micron Technology, Inc. (NASDAQ:MU)

Erste Asset Management GmbH acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 117,563 shares of the semiconductor manufacturer’s stock, valued at approximately $12,638,000.

A number of other hedge funds have also recently made changes to their positions in the business. Van ECK Associates Corp raised its position in Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after buying an additional 2,477,985 shares during the last quarter. Swedbank AB grew its stake in shares of Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after acquiring an additional 2,187,460 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Micron Technology by 21.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock valued at $1,174,643,000 after purchasing an additional 2,022,180 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Micron Technology by 1,233.7% during the third quarter. International Assets Investment Management LLC now owns 1,430,619 shares of the semiconductor manufacturer’s stock valued at $145,470,000 after purchasing an additional 1,323,352 shares in the last quarter. Finally, Caxton Associates LP lifted its position in shares of Micron Technology by 2,500.0% during the second quarter. Caxton Associates LP now owns 1,300,000 shares of the semiconductor manufacturer’s stock valued at $170,989,000 after purchasing an additional 1,250,000 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wedbush restated an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. Wells Fargo & Company cut their price objective on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Citigroup decreased their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a 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 price target of $143.04.

Micron Technology Price Performance

Micron Technology stock opened at $97.95 on Monday. The business has a 50-day simple moving average of $103.60 and a 200 day simple moving average of $111.32. Micron Technology, Inc. has a 52 week low of $72.93 and a 52 week high of $157.54. The stock has a market cap of $109.12 billion, a price-to-earnings ratio of 144.05 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the business earned ($1.21) earnings per share. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.47%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

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.