Alliancebernstein L.P. Decreases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Alliancebernstein L.P. trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 16.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,395,815 shares of the semiconductor manufacturer’s stock after selling 264,958 shares during the period. Alliancebernstein L.P. owned approximately 0.13% of Micron Technology worth $117,472,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MU. Beacon Capital Management LLC lifted its position in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after purchasing an additional 200 shares during the period. Midwest Capital Advisors LLC purchased a new stake in Micron Technology during the 4th quarter valued at $33,000. Activest Wealth Management lifted its holdings in shares of Micron Technology by 583.3% during the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 350 shares during the period. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Micron Technology in the 4th quarter worth $34,000. Finally, Curio Wealth LLC bought a new stake in shares of Micron Technology in the fourth quarter worth $34,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $88.60 on Thursday. Micron Technology, Inc. has a 52-week low of $82.42 and a 52-week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average is $94.80 and its 200 day moving average is $98.42. The company has a market cap of $99.02 billion, a price-to-earnings ratio of 25.53 and a beta of 1.23.

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

Micron Technology Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. TD Cowen dropped their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Mizuho reduced their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Finally, Piper Sandler lowered their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $129.76.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the company’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 transaction, the executive vice president now owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.