Metropolitan Life Insurance Co NY lessened its holdings in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,693 shares of the semiconductor manufacturer’s stock after selling 1,113 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Micron Technology were worth $3,010,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. boosted its holdings in shares of Micron Technology by 12.8% in the 1st quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock worth $27,314,000 after purchasing an additional 39,693 shares during the period. Prudential PLC bought a new stake in Micron Technology in the first quarter worth $1,672,000. Brighton Jones LLC boosted its stake in Micron Technology by 12.3% during the first quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock worth $227,000 after buying an additional 318 shares during the period. Baird Financial Group Inc. increased its position in Micron Technology by 9.2% during the first quarter. Baird Financial Group Inc. now owns 200,423 shares of the semiconductor manufacturer’s stock valued at $15,611,000 after acquiring an additional 16,953 shares during the last quarter. Finally, Zions Bancorporation N.A. raised its stake in shares of Micron Technology by 52.5% in the first quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 730 shares during the period. Hedge funds and other institutional investors own 79.25% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on MU shares. JPMorgan Chase & Co. raised their price target on Micron Technology from $75.00 to $80.00 in a research note on Thursday, September 28th. Wedbush reissued an “outperform” rating and set a $80.00 target price on shares of Micron Technology in a research note on Thursday, September 21st. Deutsche Bank Aktiengesellschaft raised shares of Micron Technology from a “hold” rating to a “buy” rating and raised their price target for the stock from $65.00 to $85.00 in a research note on Monday, September 18th. Mizuho boosted their price objective on shares of Micron Technology from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. Finally, Barclays raised their target price on shares of Micron Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.75.
Insider Transactions at Micron Technology
In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $66.13, for a total value of $462,910.00. Following the completion of the sale, the chief executive officer now owns 695,437 shares of the company’s stock, valued at $45,989,248.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $66.13, for a total transaction of $462,910.00. Following the completion of the transaction, the chief executive officer now directly owns 695,437 shares in the company, valued at approximately $45,989,248.81. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 3,508 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $69.71, for a total transaction of $244,542.68. Following the completion of the sale, the executive vice president now directly owns 155,352 shares in the company, valued at $10,829,587.92. The disclosure for this sale can be found here. Insiders have sold a total of 141,390 shares of company stock worth $9,954,223 in the last ninety days. Insiders own 0.33% of the company’s stock.
Micron Technology Price Performance
NASDAQ:MU opened at $78.62 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.46 and a quick ratio of 2.70. The company has a 50 day moving average price of $70.14 and a 200-day moving average price of $67.71. Micron Technology, Inc. has a 1-year low of $48.43 and a 1-year high of $78.90. The firm has a market cap of $86.33 billion, a price-to-earnings ratio of -14.72 and a beta of 1.30.
Micron Technology (NASDAQ:MU – Get Free Report) last announced its earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The firm had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.95 billion. During the same quarter last year, the firm posted $1.36 EPS. The business’s revenue was down 39.6% on a year-over-year basis. Equities research analysts forecast that Micron Technology, Inc. will post -2.52 EPS for the current year.
Micron Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, October 10th were given a dividend of $0.115 per share. The ex-dividend date was Friday, October 6th. This represents a $0.46 dividend on an annualized basis and a yield of 0.59%. Micron Technology’s payout ratio is presently -8.61%.
Micron Technology 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.
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