US Bancorp DE Grows Position in Micron Technology, Inc. (NASDAQ:MU)

US Bancorp DE boosted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 583,559 shares of the semiconductor manufacturer’s stock after buying an additional 30,595 shares during the quarter. US Bancorp DE owned 0.05% of Micron Technology worth $49,112,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MU. SVB Wealth LLC purchased a new stake in Micron Technology during the 4th quarter valued at $1,375,000. Private Trust Co. NA grew its holdings in shares of Micron Technology by 20.9% in the fourth quarter. Private Trust Co. NA now owns 4,657 shares of the semiconductor manufacturer’s stock worth $392,000 after acquiring an additional 806 shares during the period. Hosking Partners LLP increased its position in Micron Technology by 5.6% during the fourth quarter. Hosking Partners LLP now owns 718,115 shares of the semiconductor manufacturer’s stock valued at $60,437,000 after acquiring an additional 37,770 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in Micron Technology by 8.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,338 shares of the semiconductor manufacturer’s stock valued at $281,000 after acquiring an additional 274 shares during the period. Finally, Verus Capital Partners LLC grew its stake in shares of Micron Technology by 6.8% during the 4th quarter. Verus Capital Partners LLC now owns 3,796 shares of the semiconductor manufacturer’s stock valued at $320,000 after purchasing an additional 241 shares during the period. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

NASDAQ:MU opened at $93.63 on Friday. The business’s 50-day moving average is $95.75 and its 200 day moving average is $98.88. Micron Technology, Inc. has a 12 month low of $83.54 and a 12 month high of $157.54. The company has a market capitalization of $104.32 billion, a P/E ratio of 26.98 and a beta of 1.18. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the prior year, the firm earned ($0.95) EPS. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were given a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Wall Street Analyst Weigh In

MU has been the topic of several recent research reports. Sanford C. Bernstein lowered their price objective on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Needham & Company LLC cut their price objective 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. Cantor Fitzgerald decreased their target price on Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Piper Sandler cut their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $134.96.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

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.