PDT Partners LLC Sells 33,400 Shares of Micron Technology, Inc. (NASDAQ:MU)

PDT Partners LLC lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 83.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,600 shares of the semiconductor manufacturer’s stock after selling 33,400 shares during the quarter. PDT Partners LLC’s holdings in Micron Technology were worth $684,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Hobbs Group Advisors LLC bought a new stake in Micron Technology in the 2nd quarter valued at $28,000. Highline Wealth Partners LLC bought a new position in shares of Micron Technology in the third quarter valued at about $26,000. Richard W. Paul & Associates LLC lifted its stake in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 144 shares during the last quarter. LRI Investments LLC boosted its holdings in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the period. Finally, Davis Capital Management acquired a new position in Micron Technology in the 3rd quarter valued at about $30,000. Institutional investors own 80.84% of the company’s stock.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.

Micron Technology Trading Up 0.6 %

Shares of Micron Technology stock opened at $98.55 on Tuesday. The firm’s 50 day moving average is $103.60 and its 200 day moving average is $111.32. The firm has a market capitalization of $109.79 billion, a PE ratio of 144.93 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping 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 company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the business earned ($1.21) earnings per share. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on MU. UBS Group cut their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. KeyCorp reduced 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 Tuesday, October 8th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Wedbush reissued an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Citigroup lowered their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $143.04.

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.