Micron Technology, Inc. (NASDAQ:MU) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 288,218 shares of the semiconductor manufacturer’s stock after selling 7,064 shares during the quarter. MetLife Investment Management LLC’s holdings in Micron Technology were worth $29,891,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Highline Wealth Partners LLC purchased a new position in Micron Technology in the third quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the 2nd quarter valued at $28,000. Davis Capital Management purchased a new stake in shares of Micron Technology during the 3rd quarter worth $30,000. Richard W. Paul & Associates LLC lifted its position 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 purchasing an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC grew its stake in shares of Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Performance

Shares of MU opened at $101.80 on Wednesday. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The company has a 50-day simple moving average of $103.07 and a 200-day simple moving average of $111.90. The company has a market capitalization of $112.87 billion, a PE ratio of 149.71 and a beta of 1.18.

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

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of analyst reports. Morgan Stanley raised their price target on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Rosenblatt Securities raised their target price on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Susquehanna decreased their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Robert W. Baird cut their price objective on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, September 27th. Finally, TD Cowen upped their target price on shares of Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a 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 issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was 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 approximately $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.32% of the company’s stock.

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.