Hosking Partners LLP Sells 5,445 Shares of Micron Technology, Inc. (NASDAQ:MU)
Hosking Partners LLP reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 0.8% in Q1, selling 5,445 shares, leaving them with 712,670 shares valued at approximately $61.9 million. Other institutional investors, including Capital World Investors and Vanguard Group, have increased their holdings significantly. Insider transactions included sales by EVP Manish H. Bhatia and CFO Mark J. Murphy. Analysts have raised price targets for Micron Technology, with a consensus rating of "Moderate Buy" and a price target of $146.44.
Hosking Partners LLP lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 712,670 shares of the semiconductor manufacturer's stock after selling 5,445 shares during the period. Micron Technology comprises approximately 2.6% of Hosking Partners LLP's investment portfolio, making the stock its 11th biggest holding. Hosking Partners LLP owned approximately 0.06% of Micron Technology worth $61,924,000 at the end of the most recent reporting period.
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Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital World Investors increased its holdings in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the period. Capital Research Global Investors increased its holdings in Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the period. Capital International Investors grew its holdings in Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Micron Technology by 198.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock worth $550,903,000 after purchasing an additional 4,352,225 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares during the last quarter. Institutional investors own 80.84% of the company's stock.
Insider Transactions at Micron Technology
In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
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A number of equities research analysts have recently weighed in on MU shares. KeyCorp boosted their price objective on shares of Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Mizuho boosted their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. The Goldman Sachs Group started coverage on shares of Micron Technology in a report on Thursday, July 10th. They set a "neutral" rating and a $130.00 price objective on the stock. Citigroup boosted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.
Read Our Latest Stock Analysis on MU
Micron Technology Stock Performance
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Micron Technology stock opened at $118.89 on Friday. The firm has a 50 day simple moving average of $115.95 and a 200-day simple moving average of $98.19. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The stock has a market cap of $133.05 billion, a price-to-earnings ratio of 21.42 and a beta of 1.37.
Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The business had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter in the prior year, the company posted $0.62 EPS. On average, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.
Micron Technology Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.
About Micron Technology
(Free Report)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.
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