Sumitomo Life Insurance Co. Sells 435 Shares of Micron Technology, Inc. (NASDAQ:MU)

Sumitomo Life Insurance Co. lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,358 shares of the semiconductor manufacturer’s stock after selling 435 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Micron Technology were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MU. Ascent Group LLC grew its stake in shares of Micron Technology by 4.2% in the second quarter. Ascent Group LLC now owns 3,306 shares of the semiconductor manufacturer’s stock worth $435,000 after acquiring an additional 133 shares during the period. Quarry LP grew its position in Micron Technology by 130.5% in the 2nd quarter. Quarry LP now owns 604 shares of the semiconductor manufacturer’s stock worth $79,000 after purchasing an additional 342 shares during the period. EP Wealth Advisors LLC raised its stake in Micron Technology by 43.1% during the 2nd quarter. EP Wealth Advisors LLC now owns 16,686 shares of the semiconductor manufacturer’s stock valued at $2,195,000 after buying an additional 5,024 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Micron Technology by 16.4% during the 2nd quarter. Truist Financial Corp now owns 143,215 shares of the semiconductor manufacturer’s stock valued at $18,837,000 after buying an additional 20,209 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of Micron Technology by 30.8% in the 2nd quarter. Cetera Investment Advisers now owns 253,256 shares of the semiconductor manufacturer’s stock worth $33,311,000 after buying an additional 59,707 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Performance

NASDAQ MU opened at $89.04 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a 1-year low of $79.15 and a 1-year high of $157.54. The business has a 50 day simple moving average of $98.04 and a two-hundred day simple moving average of $100.48. The stock has a market capitalization of $99.21 billion, a PE ratio of 25.66 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly 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. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.95) earnings per share. On average, research analysts predict that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MU. UBS Group lowered their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $110.00 in a report on Thursday, December 19th. Stifel Nicolaus decreased 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 report on Thursday, December 19th. Finally, China Renaissance started coverage on shares of Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology 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.