Advisors Asset Management Inc. Sells 3,664 Shares of Micron Technology, Inc. (NASDAQ:MU)

Advisors Asset Management Inc. cut its stake in Micron Technology, Inc. (NASDAQ:MUGet Rating) by 41.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,072 shares of the semiconductor manufacturer’s stock after selling 3,664 shares during the quarter. Advisors Asset Management Inc.’s holdings in Micron Technology were worth $280,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MU. Core Alternative Capital increased its position in Micron Technology by 912.5% during the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 365 shares during the period. BDO Wealth Advisors LLC increased its position in Micron Technology by 46.7% during the first quarter. BDO Wealth Advisors LLC now owns 440 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 140 shares during the period. Trust Co. of Vermont bought a new position in Micron Technology during the second quarter worth about $40,000. Bellevue Asset Management LLC increased its position in Micron Technology by 174.6% during the first quarter. Bellevue Asset Management LLC now owns 574 shares of the semiconductor manufacturer’s stock worth $45,000 after acquiring an additional 365 shares during the period. Finally, Ellevest Inc. increased its position in Micron Technology by 120.2% during the second quarter. Ellevest Inc. now owns 863 shares of the semiconductor manufacturer’s stock worth $48,000 after acquiring an additional 471 shares during the period. 79.66% of the stock is owned by institutional investors.

Micron Technology Stock Down 0.3 %

Micron Technology stock opened at $58.58 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.01 and a current ratio of 2.89. Micron Technology, Inc. has a 52-week low of $48.45 and a 52-week high of $98.45. The firm has a 50 day moving average price of $54.31 and a two-hundred day moving average price of $59.54. The firm has a market cap of $63.69 billion, a price-to-earnings ratio of 7.58 and a beta of 1.27.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings results on Thursday, September 29th. The semiconductor manufacturer reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.04. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The firm had revenue of $6.64 billion during the quarter, compared to analyst estimates of $6.78 billion. During the same quarter last year, the business earned $2.37 EPS. The company’s revenue was down 19.7% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post -0.36 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 26th. Shareholders of record on Tuesday, October 11th were issued a dividend of $0.115 per share. The ex-dividend date was Friday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.79%. Micron Technology’s payout ratio is 5.95%.

Analysts Set New Price Targets

A number of research firms recently commented on MU. Summit Insights raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Friday, September 30th. Needham & Company LLC increased their price objective on shares of Micron Technology from $60.00 to $67.00 and gave the stock a “buy” rating in a research note on Wednesday, November 16th. Stifel Nicolaus reduced their price objective on shares of Micron Technology from $56.00 to $54.00 and set a “hold” rating on the stock in a research note on Friday, September 30th. The Goldman Sachs Group reduced their price objective on shares of Micron Technology to $62.00 in a research note on Wednesday, October 5th. Finally, Raymond James downgraded shares of Micron Technology from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the stock from $72.00 to $65.00 in a research note on Tuesday, August 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $69.97.

About Micron Technology

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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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

Further Reading

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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