Fortitude Family Office LLC Reduces Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Fortitude Family Office LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 14.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,105 shares of the semiconductor manufacturer’s stock after selling 1,070 shares during the period. Fortitude Family Office LLC’s holdings in Micron Technology were worth $530,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Micron Technology in the 4th quarter valued at $1,470,875,000. Capital World Investors grew its position in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the last quarter. FMR LLC grew its position in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after buying an additional 12,249,341 shares during the last quarter. Capital Research Global Investors grew its position in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the last quarter. Finally, Capital International Investors grew its position in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after buying an additional 4,375,232 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 1.7%

Micron Technology stock opened at $116.03 on Thursday. The firm has a market capitalization of $129.67 billion, a PE ratio of 33.44 and a beta of 1.28. The company’s 50-day moving average is $86.24 and its 200-day moving average is $92.43. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $157.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last announced its 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. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Analyst Ratings Changes

MU has been the subject of a number of recent analyst reports. UBS Group raised their target price on Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 5th. Wall Street Zen downgraded Micron Technology from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research note on Wednesday, March 26th. JPMorgan Chase & Co. cut their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $129.00.

Insider Transactions at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president now directly owns 186,353 shares in the company, valued at $20,498,830. This represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction 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. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,904 shares of company stock valued at $4,665,124. Company insiders own 0.30% of the company’s stock.

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.