Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Balentine LLC

Balentine LLC lowered its position in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 45.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,526 shares of the semiconductor manufacturer’s stock after selling 4,656 shares during the quarter. Balentine LLC’s holdings in Micron Technology were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Wipfli Financial Advisors LLC acquired a new stake in shares of Micron Technology in the third quarter valued at approximately $553,000. Boothe Investment Group Inc. boosted its holdings in shares of Micron Technology by 70.0% in the third quarter. Boothe Investment Group Inc. now owns 75,249 shares of the semiconductor manufacturer’s stock valued at $3,770,000 after acquiring an additional 30,991 shares in the last quarter. Lynwood Capital Management Inc. bought a new position in shares of Micron Technology in the third quarter valued at approximately $501,000. Texas Permanent School Fund boosted its holdings in shares of Micron Technology by 5.8% in the third quarter. Texas Permanent School Fund now owns 156,088 shares of the semiconductor manufacturer’s stock valued at $7,820,000 after acquiring an additional 8,592 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in shares of Micron Technology by 421.6% in the third quarter. Artemis Investment Management LLP now owns 264,114 shares of the semiconductor manufacturer’s stock valued at $13,236,000 after acquiring an additional 213,476 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $56.77 on Monday. Micron Technology, Inc. has a 1 year low of $48.43 and a 1 year high of $98.11. The firm’s fifty day simple moving average is $54.94 and its 200 day simple moving average is $56.25. The company has a current ratio of 3.51, a quick ratio of 2.23 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $61.95 billion, a PE ratio of 10.30 and a beta of 1.30.

Micron Technology (NASDAQ:MU – Get Rating) last posted its earnings results on Wednesday, December 21st. The semiconductor manufacturer reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). Micron Technology had a net margin of 22.78% and a return on equity of 13.26%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same quarter in the previous year, the business posted $2.07 earnings per share. The business’s quarterly revenue was down 46.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Micron Technology, Inc. will post -2.24 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 19th. Investors of record on Tuesday, January 3rd will be paid a $0.115 dividend. The ex-dividend date is Friday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.81%. Micron Technology’s payout ratio is presently 8.35%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MU. Cowen reduced their target price on shares of Micron Technology from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, December 22nd. Loop Capital assumed coverage on shares of Micron Technology in a research note on Thursday, October 13th. They issued a “buy” rating and a $70.00 price objective for the company. Susquehanna decreased their price objective on shares of Micron Technology from $68.00 to $60.00 and set a “positive” rating for the company in a research note on Monday, September 26th. Deutsche Bank Aktiengesellschaft lowered shares of Micron Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $60.00 to $55.00 in a research note on Monday, December 12th. Finally, Mizuho decreased their price objective on shares of Micron Technology from $50.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, December 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.59.

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.