PSI Advisors LLC Sells 1,600 Shares of Micron Technology, Inc. (NASDAQ:MU)

PSI Advisors LLC reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 41.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,267 shares of the semiconductor manufacturer’s stock after selling 1,600 shares during the quarter. PSI Advisors LLC’s holdings in Micron Technology were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of MU. Atria Investments Inc lifted its position in shares of Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC grew its stake in Micron Technology by 39.8% in the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 94 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the last quarter. Retirement Group LLC boosted its stake in Micron Technology by 37.3% in the first quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares in the last quarter. Finally, E&G Advisors LP grew its holdings in shares of Micron Technology by 5.2% during the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock valued at $265,000 after purchasing an additional 100 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total transaction of $882,980.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $90,700,840.86. The disclosure for this sale can be found here. Insiders have sold a total of 60,174 shares of company stock valued at $8,635,073 over the last quarter. Company insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

MU traded down $4.07 during trading on Thursday, hitting $104.26. 17,944,688 shares of the stock were exchanged, compared to its average volume of 21,312,432. The firm has a market capitalization of $115.61 billion, a P/E ratio of -73.42 and a beta of 1.18. Micron Technology, Inc. has a 1-year low of $62.63 and a 1-year high of $157.54. The stock has a fifty day moving average price of $119.32 and a two-hundred day moving average price of $113.74. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.57) earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Stifel Nicolaus upped their price target on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Barclays upped their price target on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Citigroup raised their target price on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Wells Fargo & Company lifted their price target on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Finally, Piper Sandler lifted their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.52.

About Micron Technology

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.