Dai ichi Life Insurance Company Ltd Reduces Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Dai ichi Life Insurance Company Ltd reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 60,926 shares of the semiconductor manufacturer’s stock after selling 774 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Micron Technology were worth $5,199,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of MU. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Micron Technology in the 3rd quarter worth approximately $28,000. VisionPoint Advisory Group LLC grew its position in shares of Micron Technology by 68.3% in 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. Cape Investment Advisory Inc. grew its position in shares of Micron Technology by 51.0% in the 3rd quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 200 shares in the last quarter. Clear Street Markets LLC grew its position in shares of Micron Technology by 67.5% in the 3rd quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock worth $42,000 after acquiring an additional 251 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $55,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $122.89, for a total value of $860,230.00. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $88,363,931.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $122.89, for a total value of $860,230.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $88,363,931.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders have sold 410,446 shares of company stock worth $47,304,703 in the last quarter. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Citigroup restated a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a research report on Thursday, April 4th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Needham & Company LLC lifted their target price on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Barclays lifted their target price on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Finally, Morgan Stanley raised Micron Technology from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $98.00 to $130.00 in a research note on Monday. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $126.92.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $3.21 during trading on Thursday, hitting $129.49. The company’s stock had a trading volume of 6,690,382 shares, compared to its average volume of 19,399,041. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. Micron Technology, Inc. has a 52 week low of $60.50 and a 52 week high of $131.95. The stock has a 50-day moving average price of $116.63 and a two-hundred day moving average price of $94.91.

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

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a $0.115 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.36%. Micron Technology’s dividend payout ratio is presently -13.33%.

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.