AI Squared Management Ltd Buys Shares of 35,200 Micron Technology, Inc. (NASDAQ:MU)

AI Squared Management Ltd bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 35,200 shares of the semiconductor manufacturer’s stock, valued at approximately $3,004,000. Micron Technology comprises about 3.8% of AI Squared Management Ltd’s holdings, making the stock its 7th biggest position.

Several other hedge funds also recently modified their holdings of the company. Sandy Spring Bank lifted its position in shares of Micron Technology by 11.1% in the 4th quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock worth $111,000 after acquiring an additional 130 shares during the period. HMS Capital Management LLC boosted its holdings in Micron Technology by 0.7% in the fourth quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer’s stock valued at $1,693,000 after acquiring an additional 138 shares during the last quarter. Huntington National Bank increased its holdings in Micron Technology by 6.0% in the third quarter. Huntington National Bank now owns 2,652 shares of the semiconductor manufacturer’s stock valued at $180,000 after purchasing an additional 149 shares during the last quarter. Allworth Financial LP boosted its position in shares of Micron Technology by 3.0% during the fourth quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer’s stock worth $437,000 after purchasing an additional 150 shares in the last quarter. Finally, Homestead Advisers Corp increased its stake in Micron Technology by 12.5% during the 3rd quarter. Homestead Advisers Corp now owns 1,372 shares of the semiconductor manufacturer’s stock worth $93,000 after purchasing an additional 152 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the sale, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on 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 owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 370,207 shares of company stock worth $41,839,707. 0.32% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MU has been the topic of several recent research reports. Citigroup reiterated a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a research report on Thursday, April 4th. Bank of America upped their price objective 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. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research note on Thursday, March 21st. Morgan Stanley lifted their price objective on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research note on Thursday, March 21st. Finally, Robert W. Baird raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and upped their price target for the company from $115.00 to $150.00 in a research report on Monday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $123.60.

Micron Technology Price Performance

Shares of Micron Technology stock traded down $1.13 on Thursday, reaching $118.19. The stock had a trading volume of 6,483,684 shares, compared to its average volume of 19,941,803. The business’s 50 day moving average is $110.11 and its two-hundred day moving average is $90.70. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 1 year low of $59.79 and a 1 year high of $130.54. The company has a market cap 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 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period last year, the firm earned ($2.03) EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders 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 annualized dividend and a dividend yield of 0.39%. Micron Technology’s payout ratio is currently -13.33%.

About Micron Technology

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.