Mizuho Securities Decreases Stake in Micron Technology
Mizuho Securities Co. Ltd. decreased its position in Micron Technology, Inc. (NASDAQ:MU) by 65.9% during the fourth quarter, according to a filing with the Securities and Exchange Commission. The firm sold 4,750 shares of the semiconductor manufacturer’s stock during the period, leaving it with 2,460 shares.
As of the most recent reporting period, Mizuho Securities Co. Ltd.’s holdings in Micron Technology were valued at $210,000. The stock represents approximately 3.2% of the firm’s investment portfolio, making it their 12th largest position.
Several other institutional investors have also adjusted their stakes in Micron Technology.
Stone House Investment Management LLC increased its holdings by 602.2% in the third quarter, now owning 323 shares worth $34,000. True Wealth Design LLC increased its stake by 1,096.3% during the third quarter, and now owns 323 shares worth $33,000. Beacon Capital Management LLC increased its stake by 114.9% during the fourth quarter, and now owns 374 shares worth $31,000. Midwest Capital Advisors LLC initiated a new position in the fourth quarter, valued at approximately $33,000, and Comprehensive Financial Planning Inc. PA purchased a new position worth $34,000.
Hedge funds and institutional investors collectively hold 80.84% of the company’s stock.
Insider Activity
In separate news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock on March 3rd. The average price per share was $92.93, resulting in a total transaction value of $223,403.72. Following the sale, the director now owns 27,358 shares, valued at $2,542,378.94. This represents an 8.08% decrease in her holdings. The transaction was disclosed in an SEC filing.
Corporate insiders hold 0.30% of the company’s stock.
Stock Performance Overview
On Wednesday, shares of Micron Technology opened at $94.18. The stock’s 50-day moving average is $96.80, and its 200-day moving average is $98.45. The company’s market capitalization is $104.93 billion, with a P/E ratio of 27.14 and a beta of 1.23.
Micron Technology’s quarterly earnings were reported on March 20th. The semiconductor manufacturer reported earnings per share (EPS) of $1.56, exceeding the consensus estimate of $1.43. Revenue for the quarter reached $8.05 billion, compared to analyst estimates of $7.93 billion. The company’s quarterly revenue increased by 38.2% year-over-year.
The company also declared a quarterly dividend of $0.115, to be paid on April 15th to shareholders of record on March 31st, representing an annualized dividend of $0.46 and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio is currently 11.03%.
Analyst Ratings
Several analysts have recently issued new price targets for Micron Technology. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target. Stifel Nicolaus has a “buy” rating and cut their price objective from $135.00 to $130.00. Wells Fargo & Company decreased their target price from $140.00 to $130.00, while maintaining an “overweight” rating. Citigroup cut their price target to $120.00, while keeping a “buy” rating. Mizuho decreased their price objective to $115.00 and set an “outperform” rating.
Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $132.63.
