AI Squared Management Ltd Takes $3 Million Position in Micron Technology, Inc. (NASDAQ:MU)

AI Squared Management Ltd bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 35,200 shares of the semiconductor manufacturer’s stock, valued at approximately $3,004,000. Micron Technology comprises approximately 3.8% of AI Squared Management Ltd’s investment portfolio, making the stock its 7th largest holding.

Other large investors also recently bought and sold shares of the company. Northern Trust Corp raised its holdings in shares of Micron Technology by 0.7% during the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after acquiring an additional 80,345 shares during the last quarter. L2 Asset Management LLC raised its holdings in Micron Technology by 492.3% in the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after acquiring an additional 21,979 shares during the last quarter. Invesco Ltd. grew its position in shares of Micron Technology by 11.8% in the third quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after purchasing an additional 927,302 shares in the last quarter. Merlin Capital Inc purchased a new stake in Micron Technology in the 3rd quarter valued at $407,000. Finally, Amitell Capital Pte Ltd increased its stake in shares of Micron Technology by 97.9% in the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock worth $6,477,000 after acquiring an additional 47,105 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock traded down $1.13 on Thursday, hitting $118.19. The company’s stock had a trading volume of 6,483,684 shares, compared to its average volume of 19,941,803. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $110.11 and a 200-day moving average price of $90.70. Micron Technology, Inc. has a 52-week low of $59.79 and a 52-week high of $130.54. The company has a market capitalization of $130.48 billion, a P/E ratio of -34.46 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned ($2.03) earnings per share. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. On average, equities research analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.39%. Micron Technology’s dividend payout ratio (DPR) is -13.33%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders have sold 370,207 shares of company stock worth $41,839,707 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $115.00 to $150.00 in a research note on Monday. Wells Fargo & Company increased their price objective on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Citigroup reiterated a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. Finally, Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.60.

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.