Wellington Management Group LLP Sells 2,294,732 Shares of Micron Technology, Inc. (NASDAQ:MU)

Wellington Management Group LLP lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 43.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,983,028 shares of the semiconductor manufacturer’s stock after selling 2,294,732 shares during the quarter. Wellington Management Group LLP owned about 0.27% of Micron Technology worth $251,052,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new position in shares of Micron Technology in the 3rd quarter valued at approximately $338,000. Benjamin Edwards Inc. acquired a new position in Micron Technology during the third quarter valued at approximately $600,000. Cinctive Capital Management LP acquired a new stake in shares of Micron Technology in the 3rd quarter valued at $1,544,000. Hilltop Holdings Inc. boosted its holdings in shares of Micron Technology by 337.1% in the 3rd quarter. Hilltop Holdings Inc. now owns 10,710 shares of the semiconductor manufacturer’s stock valued at $1,111,000 after purchasing an additional 8,260 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Micron Technology by 65.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,489,297 shares of the semiconductor manufacturer’s stock valued at $154,455,000 after purchasing an additional 590,785 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Morgan Stanley raised their price objective on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, March 21st. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Mizuho lowered their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Rosenblatt Securities cut their target price on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Finally, Barclays increased their price target on Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $129.76.

Micron Technology Trading Up 2.1 %

Shares of Micron Technology stock opened at $88.71 on Wednesday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $95.21 and a 200 day simple moving average of $98.49. 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 $99.14 billion, a P/E ratio of 25.56 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. Micron Technology’s payout ratio is presently 11.03%.

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.