Van ECK Associates Corp Has $1.11 Billion Holdings in Micron Technology, Inc. (NASDAQ:MU)

Van ECK Associates Corp increased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 30.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,564,198 shares of the semiconductor manufacturer’s stock after buying an additional 2,477,985 shares during the period. Micron Technology accounts for approximately 1.2% of Van ECK Associates Corp’s investment portfolio, making the stock its 15th biggest position. Van ECK Associates Corp’s holdings in Micron Technology were worth $1,109,769,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC bought a new stake in Micron Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology during the 2nd quarter worth approximately $28,000. Davis Capital Management acquired a new position in shares of Micron Technology during the 3rd quarter worth approximately $30,000. Richard W. Paul & Associates LLC raised its stake in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares during the period. Finally, DT Investment Partners LLC lifted its holdings in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU opened at $99.73 on Friday. The firm’s 50 day simple moving average is $98.94 and its 200 day simple moving average is $113.21. The firm has a market capitalization of $110.57 billion, a price-to-earnings ratio of 146.66 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 1 year low of $69.75 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results 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 return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the company earned ($1.21) earnings per share. The company’s quarterly revenue was up 93.3% on a year-over-year basis. As a group, research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Analyst Ratings Changes

Several research firms have commented on MU. Stifel Nicolaus decreased their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Raymond James upped their price target on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Citigroup lowered their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. TD Cowen boosted their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, UBS Group lowered their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology 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.