First Interstate Bank Takes $213,000 Position in Micron Technology, Inc. (NASDAQ:MU)

First Interstate Bank bought a new position in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,500 shares of the semiconductor manufacturer’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in MU. Sei Investments Co. grew its position in Micron Technology by 12.8% in the 1st quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock worth $27,314,000 after purchasing an additional 39,693 shares in the last quarter. Prudential PLC bought a new stake in Micron Technology in the 1st quarter worth about $1,672,000. Brighton Jones LLC grew its position in Micron Technology by 12.3% in the 1st quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock worth $227,000 after purchasing an additional 318 shares in the last quarter. Baird Financial Group Inc. grew its position in Micron Technology by 9.2% in the 1st quarter. Baird Financial Group Inc. now owns 200,423 shares of the semiconductor manufacturer’s stock worth $15,611,000 after purchasing an additional 16,953 shares in the last quarter. Finally, Zions Bancorporation N.A. grew its position in Micron Technology by 52.5% in the 1st quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock worth $165,000 after purchasing an additional 730 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Down 0.8 %

Shares of MU traded down $0.92 during trading hours on Wednesday, reaching $120.85. 3,861,397 shares of the company traded hands, compared to its average volume of 19,985,594. The company’s fifty day moving average price is $101.36 and its two-hundred day moving average price is $86.01. The company has a market capitalization of $133.83 billion, a price-to-earnings ratio of -35.30 and a beta of 1.27. 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 12 month low of $58.03 and a 12 month high of $130.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) 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 company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the company posted ($2.03) EPS. Micron Technology’s revenue was up 57.7% on a year-over-year basis. Equities research analysts predict that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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. This represents a $0.46 annualized dividend and a yield of 0.38%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio is presently -13.33%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MU shares. Evercore ISI increased their target price on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, December 21st. Needham & Company LLC raised their price objective on shares of Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Piper Sandler raised their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. TD Cowen raised their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a report on Thursday, March 21st. Finally, Robert W. Baird raised their price objective on shares of Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. One research 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.20.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, January 25th. The stock was 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 directly owns 788,557 shares of the company’s stock, valued at approximately $70,970,130. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,890 shares of company stock valued at $32,772,127. 0.32% of the stock is currently owned by corporate insiders.

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.