Micron Technology, Inc. (NASDAQ:MU) is Primecap Management Co. CA’s 8th Largest Position

Primecap Management Co. CA reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,596,461 shares of the semiconductor manufacturer’s stock after selling 35,399 shares during the quarter. Micron Technology makes up 2.5% of Primecap Management Co. CA’s holdings, making the stock its 8th largest position. Primecap Management Co. CA owned 3.37% of Micron Technology worth $3,164,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Tocqueville Asset Management L.P. increased its holdings in shares of Micron Technology by 87.1% in the fourth quarter. Tocqueville Asset Management L.P. now owns 118,054 shares of the semiconductor manufacturer’s stock valued at $9,935,000 after purchasing an additional 54,949 shares during the period. Curio Wealth LLC purchased a new position in shares of Micron Technology in the fourth quarter valued at approximately $34,000. Signaturefd LLC lifted its position in shares of Micron Technology by 3.6% in the fourth quarter. Signaturefd LLC now owns 22,357 shares of the semiconductor manufacturer’s stock valued at $1,882,000 after acquiring an additional 778 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Micron Technology by 3.8% in the fourth quarter. Parallel Advisors LLC now owns 17,793 shares of the semiconductor manufacturer’s stock valued at $1,498,000 after purchasing an additional 647 shares during the last quarter. Finally, Cibc World Markets Corp increased its holdings in shares of Micron Technology by 14.2% in the fourth quarter. Cibc World Markets Corp now owns 199,629 shares of the semiconductor manufacturer’s stock valued at $16,801,000 after purchasing an additional 24,786 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on MU. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Piper Sandler decreased their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Needham & Company LLC decreased their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group decreased their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, Stifel Nicolaus decreased their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

Micron Technology Stock Performance

Shares of MU stock opened at $103.11 on Tuesday. The stock has a market capitalization of $114.88 billion, a PE ratio of 29.71 and a beta of 1.23. Micron Technology, Inc. has a 52-week low of $83.54 and a 52-week high of $157.54. The stock’s 50-day moving average price is $96.80 and its 200 day moving average price is $98.13. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

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

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

Insider Transactions at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

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.