Micron Technology, Inc. (NASDAQ:MU) Stake Trimmed by Private Trust Co. NA

Private Trust Co. NA cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 10.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,851 shares of the semiconductor manufacturer’s stock after selling 472 shares during the quarter. Private Trust Co. NA’s holdings in Micron Technology were worth $399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirabella Financial Services LLP raised its stake in Micron Technology by 1,807.0% during the 3rd quarter. Mirabella Financial Services LLP now owns 90,906 shares of the semiconductor manufacturer’s stock valued at $9,428,000 after purchasing an additional 86,139 shares during the period. Truvestments Capital LLC grew its holdings in shares of Micron Technology by 38.4% during the third quarter. Truvestments Capital LLC now owns 4,549 shares of the semiconductor manufacturer’s stock valued at $472,000 after buying an additional 1,263 shares in the last quarter. Independent Advisor Alliance raised its position in Micron Technology by 9.9% during the third quarter. Independent Advisor Alliance now owns 57,413 shares of the semiconductor manufacturer’s stock valued at $5,954,000 after buying an additional 5,180 shares during the period. Fisher Asset Management LLC lifted its stake in Micron Technology by 6.5% in the 3rd quarter. Fisher Asset Management LLC now owns 50,470 shares of the semiconductor manufacturer’s stock worth $5,234,000 after acquiring an additional 3,069 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in Micron Technology by 6.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 230,851 shares of the semiconductor manufacturer’s stock worth $23,941,000 after acquiring an additional 13,035 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $98.20 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The company has a market cap of $108.88 billion, a PE ratio of 144.41 and a beta of 1.18. The firm has a fifty day moving average price of $103.28 and a two-hundred day moving average price of $111.80. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter last year, the company earned ($1.21) earnings per share. The firm’s revenue was up 93.3% on a year-over-year basis. Analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is presently 67.65%.

Wall Street Analyst Weigh In

MU has been the subject of several research reports. Susquehanna decreased their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. Wells Fargo & Company lowered their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Citigroup cut their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Morgan Stanley upped their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

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.