Qube Research & Technologies Ltd trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 26.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 230,439 shares of the semiconductor manufacturer’s stock after selling 83,011 shares during the quarter. Qube Research & Technologies Ltd’s holdings in Micron Technology were worth $17,949,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in MU. SOA Wealth Advisors LLC. increased its stake in Micron Technology by 144.9% in the 1st quarter. SOA Wealth Advisors LLC. now owns 338 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Concorde Financial Corp purchased a new position in Micron Technology in the 4th quarter valued at approximately $27,000. Sterling Investment Advisors Ltd. increased its stake in Micron Technology by 600.0% in the 4th quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 300 shares in the last quarter. BDO Wealth Advisors LLC increased its stake in Micron Technology by 46.7% in the 1st quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 140 shares in the last quarter. Finally, Vectors Research Management LLC increased its stake in Micron Technology by 60.3% in the 4th quarter. Vectors Research Management LLC now owns 372 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 140 shares in the last quarter. 80.35% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on MU shares. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $70.00 to $62.00 in a report on Friday, July 1st. UBS Group lowered their target price on Micron Technology from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Tuesday, June 28th. Cowen lowered their target price on Micron Technology from $90.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, July 1st. Susquehanna reiterated a “buy” rating and set a $115.00 target price on shares of Micron Technology in a report on Monday, May 16th. Finally, Raymond James lowered their target price on Micron Technology from $115.00 to $72.00 and set a “strong-buy” rating on the stock in a report on Friday, July 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.42.
Micron Technology Stock Performance
Micron Technology (NASDAQ:MU – Get Rating) last issued its quarterly earnings data on Thursday, June 30th. The semiconductor manufacturer reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.17. Micron Technology had a return on equity of 21.91% and a net margin of 30.61%. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.66 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. The business’s revenue was up 16.4% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post 8.12 EPS for the current year.
Micron Technology Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 26th. Investors of record on Monday, July 11th were issued a dividend of $0.115 per share. This is a boost from Micron Technology’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.74%. Micron Technology’s payout ratio is presently 5.25%.
Micron Technology Company Profile
Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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