DnB Asset Management AS Has $23.95 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

DnB Asset Management AS cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 13.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 284,630 shares of the semiconductor manufacturer’s stock after selling 45,666 shares during the quarter. DnB Asset Management AS’s holdings in Micron Technology were worth $23,954,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of MU. Trivant Custom Portfolio Group LLC raised its holdings in Micron Technology by 20.0% during the 4th quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer’s stock worth $50,000 after buying an additional 100 shares during the period. Xcel Wealth Management LLC increased its position in shares of Micron Technology by 1.8% during the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock worth $518,000 after acquiring an additional 108 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in Micron Technology by 3.8% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock valued at $250,000 after acquiring an additional 108 shares in the last quarter. Lebenthal Global Advisors LLC boosted its stake in Micron Technology by 1.5% in the 4th quarter. Lebenthal Global Advisors LLC now owns 7,474 shares of the semiconductor manufacturer’s stock worth $629,000 after purchasing an additional 114 shares during the period. Finally, Register Financial Advisors LLC increased its holdings in Micron Technology by 1.1% during the 4th quarter. Register Financial Advisors LLC now owns 11,526 shares of the semiconductor manufacturer’s stock worth $970,000 after purchasing an additional 121 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

MU has been the subject of a number of research reports. Morgan Stanley increased their price objective on Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a report on Friday, March 21st. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. Stifel Nicolaus lowered their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $129.76.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Micron Technology Trading Down 3.0 %

Shares of NASDAQ:MU opened at $88.44 on Friday. Micron Technology, Inc. has a 12-month low of $83.54 and a 12-month high of $157.54. The business has a 50 day moving average of $96.00 and a 200-day moving average of $98.37. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market cap of $98.84 billion, a PE ratio of 25.49 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 EPS. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is 11.03%.

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.