Game Creek Capital LP Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Game Creek Capital LP reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 22.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,625 shares of the semiconductor manufacturer’s stock after selling 12,125 shares during the period. Micron Technology accounts for approximately 1.4% of Game Creek Capital LP’s portfolio, making the stock its 18th largest position. Game Creek Capital LP’s holdings in Micron Technology were worth $3,503,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MU. Vanguard Group Inc. lifted its position in Micron Technology by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock valued at $8,403,982,000 after acquiring an additional 888,087 shares during the period. FMR LLC grew its stake in shares of Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after acquiring an additional 12,249,341 shares during the last quarter. Capital World Investors raised its position in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the last quarter. Geode Capital Management LLC grew its position in Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock valued at $2,052,973,000 after purchasing an additional 726,282 shares during the last quarter. Finally, Norges Bank bought a new stake in Micron Technology during the 4th quarter valued at about $1,470,875,000. 80.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on MU shares. Citigroup reduced their target price on Micron Technology from $120.00 to $110.00 and set a “buy” rating for the company in a report on Friday, April 11th. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Barclays decreased their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Finally, Morgan Stanley dropped their price target on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average 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 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 value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the transaction, the director now owns 24,954 shares in the company, valued at approximately $1,996,320. The trade was a 8.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,808 shares of company stock valued at $1,858,424 in the last three months. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of MU opened at $85.86 on Friday. The firm has a market capitalization of $95.95 billion, a PE ratio of 24.74 and a beta of 1.21. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $157.54. The stock’s 50 day moving average is $82.62 and its two-hundred day moving average is $93.07. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

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

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.54%. Micron Technology’s dividend 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.