Cornerstone Investment Partners LLC Sells 2,239 Shares of Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Investment Partners LLC lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 761,045 shares of the semiconductor manufacturer’s stock after selling 2,239 shares during the quarter. Micron Technology accounts for approximately 3.2% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 14th largest position. Cornerstone Investment Partners LLC owned about 0.07% of Micron Technology worth $64,050,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. SWS Partners increased its stake in Micron Technology by 30.8% during the 4th quarter. SWS Partners now owns 20,998 shares of the semiconductor manufacturer’s stock valued at $1,770,000 after purchasing an additional 4,945 shares in the last quarter. Ring Mountain Capital LLC bought a new stake in shares of Micron Technology in the 4th quarter worth $658,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of Micron Technology by 17.7% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 8,237 shares of the semiconductor manufacturer’s stock worth $703,000 after acquiring an additional 1,239 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Micron Technology by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,880,563 shares of the semiconductor manufacturer’s stock worth $579,068,000 after acquiring an additional 159,437 shares in the last quarter. Finally, State of Michigan Retirement System grew its stake in shares of Micron Technology by 11.4% in the 4th quarter. State of Michigan Retirement System now owns 336,442 shares of the semiconductor manufacturer’s stock worth $28,315,000 after acquiring an additional 34,500 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MU. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Micron Technology in a research note on Wednesday, December 18th. Mizuho reduced their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. UBS Group reduced their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Finally, Piper Sandler cut their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Trading Down 3.3 %

Shares of Micron Technology stock opened at $90.54 on Tuesday. Micron Technology, Inc. has a 12-month low of $83.54 and a 12-month high of $157.54. The company has a market cap of $100.88 billion, a price-to-earnings ratio of 26.09 and a beta of 1.18. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $95.77 and its 200-day moving average price is $98.75.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the prior year, the firm posted ($0.95) earnings per share. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% 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.