Steamboat Capital Partners LLC Has $1.68 Million Holdings in Micron Technology, Inc. (NASDAQ:MU)

Steamboat Capital Partners LLC lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 58.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,002 shares of the semiconductor manufacturer’s stock after selling 28,521 shares during the period. Steamboat Capital Partners LLC’s holdings in Micron Technology were worth $1,683,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Safeguard Investment Advisory Group LLC lifted its holdings in shares of Micron Technology by 19.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 4,598 shares of the semiconductor manufacturer’s stock worth $387,000 after acquiring an additional 746 shares during the period. Shell Asset Management Co. lifted its holdings in shares of Micron Technology by 2.2% during the 4th quarter. Shell Asset Management Co. now owns 28,397 shares of the semiconductor manufacturer’s stock worth $2,390,000 after acquiring an additional 617 shares during the period. Raiffeisen Bank International AG bought a new stake in shares of Micron Technology during the 4th quarter worth approximately $7,994,000. ProShare Advisors LLC lifted its holdings in shares of Micron Technology by 16.9% during the 4th quarter. ProShare Advisors LLC now owns 1,650,957 shares of the semiconductor manufacturer’s stock worth $138,945,000 after acquiring an additional 238,687 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in shares of Micron Technology by 82.7% during the 4th quarter. Quantinno Capital Management LP now owns 133,619 shares of the semiconductor manufacturer’s stock worth $11,245,000 after acquiring an additional 60,468 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of recent analyst reports. China Renaissance downgraded shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. Wedbush reissued an “underperform” rating on shares of Micron Technology in a research note on Monday, April 28th. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. UBS Group dropped their price objective on shares of Micron Technology from $130.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Finally, Barclays dropped their price objective on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $126.48.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,808 shares of company stock worth $1,858,424. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Up 2.7%

NASDAQ:MU opened at $98.00 on Friday. 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 market capitalization of $109.52 billion, a price-to-earnings ratio of 28.24 and a beta of 1.21. The firm has a fifty day simple moving average of $83.13 and a two-hundred day simple moving average of $92.61. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.54.

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

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s payout ratio is 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.