Riverstone Advisors LLC Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Riverstone Advisors LLC acquired a new position in Micron Technology, Inc. (NASDAQ:MU) in the 4th quarter, Holdings Channel reports. The firm acquired 2,638 shares of the semiconductor manufacturer’s stock, valued at approximately $225,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Fortis Capital Advisors LLC purchased a new position in shares of Micron Technology during the 4th quarter worth approximately $25,000. OFI Invest Asset Management acquired a new position in Micron Technology during the third quarter worth $27,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Micron Technology in the third quarter valued at $28,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at $32,000. Finally, VisionPoint Advisory Group LLC lifted its stake in Micron Technology by 68.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 198 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Down 0.3 %

Shares of NASDAQ MU traded down $0.41 during midday trading on Tuesday, hitting $120.96. The stock had a trading volume of 11,021,677 shares, compared to its average volume of 20,131,871. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 1-year low of $58.03 and a 1-year high of $130.54. The company has a market capitalization of $133.95 billion, a price-to-earnings ratio of -34.85 and a beta of 1.27. The company has a fifty day moving average price of $100.62 and a 200 day moving average price of $85.63.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the business earned ($2.03) EPS. The business’s revenue was up 57.7% on a year-over-year basis. On average, analysts predict that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MU shares. Bank of America increased their price target on shares of Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Wells Fargo & Company raised their price target on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. increased their price target on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research 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 note on Thursday, April 4th. Finally, Mizuho increased their price objective on Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $122.20.

Insider Activity at Micron Technology

In other Micron Technology 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 value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the sale, the chief executive officer now owns 788,557 shares in the company, valued at $70,970,130. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Insiders sold a total of 313,890 shares of company stock valued at $33,354,527 in the last quarter. Insiders own 0.32% of the company’s stock.

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.