Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,458 shares of the semiconductor manufacturer’s stock after selling 11,702 shares during the period. Fifth Third Bancorp’s holdings in Micron Technology were worth $14,935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harmony Asset Management LLC grew its holdings in Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after acquiring an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. grew its stake in Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after purchasing an additional 29,000 shares in the last quarter. Chartwell Investment Partners LLC increased its holdings in Micron Technology by 26.4% in the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after buying an additional 40,802 shares during the last quarter. State Street Corp raised its stake in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after buying an additional 1,434,568 shares in the last quarter. Finally, Global X Japan Co. Ltd. grew its position in shares of Micron Technology by 23.1% in the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after acquiring an additional 9,735 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction 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. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of MU stock opened at $103.19 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock’s fifty day simple moving average is $98.36 and its 200 day simple moving average is $101.53. Micron Technology, Inc. has a one year low of $79.15 and a one year high of $157.54. The firm has a market cap of $114.97 billion, a price-to-earnings ratio of 29.74 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the firm earned ($0.95) EPS. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. On average, analysts expect that Micron Technology, Inc. will post 6.29 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s payout ratio is presently 13.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MU. Robert W. Baird reduced their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Needham & Company LLC decreased their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Stifel Nicolaus reduced their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Piper Sandler lowered their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Barclays cut their target price on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $135.24.

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.