Fred Alger Management LLC Sells 880,086 Shares of Micron Technology, Inc. (NASDAQ:MU)

Fred Alger Management LLC lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 58.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 626,786 shares of the semiconductor manufacturer’s stock after selling 880,086 shares during the quarter. Fred Alger Management LLC’s holdings in Micron Technology were worth $65,004,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Hobbs Group Advisors LLC purchased a new position in shares of Micron Technology in the 2nd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology in the 3rd quarter worth approximately $26,000. Richard W. Paul & Associates LLC grew its position in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 144 shares during the last quarter. LRI Investments LLC grew its position in shares of Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the last quarter. Finally, Davis Capital Management purchased a new position in shares of Micron Technology in the 3rd quarter worth approximately $30,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Performance

MU opened at $98.20 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The firm has a fifty day moving average price of $103.46 and a 200 day moving average price of $111.71. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54. The stock has a market cap of $109.40 billion, a P/E ratio of 144.41 and a beta of 1.18.

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

Micron Technology Announces Dividend

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

Analyst Ratings Changes

MU has been the topic of a number of analyst reports. Susquehanna cut their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday, September 26th. Wells Fargo & Company dropped their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Bank of America boosted their target price on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, TD Cowen boosted their target price on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average target price of $143.04.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s 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 transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is currently owned by company insiders.

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.