Mirabella Financial Services LLP lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 86.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,065 shares of the semiconductor manufacturer’s stock after selling 52,889 shares during the quarter. Mirabella Financial Services LLP’s holdings in Micron Technology were worth $487,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. FORA Capital LLC grew its holdings in Micron Technology by 330.8% during the first quarter. FORA Capital LLC now owns 145,100 shares of the semiconductor manufacturer’s stock valued at $8,755,000 after purchasing an additional 111,422 shares during the last quarter. Stonebridge Capital Advisors LLC grew its holdings in Micron Technology by 8.9% during the first quarter. Stonebridge Capital Advisors LLC now owns 2,691 shares of the semiconductor manufacturer’s stock valued at $162,000 after purchasing an additional 220 shares during the last quarter. Brandywine Global Investment Management LLC grew its stake in shares of Micron Technology by 13.0% in the first quarter. Brandywine Global Investment Management LLC now owns 1,663,323 shares of the semiconductor manufacturer’s stock worth $100,365,000 after acquiring an additional 191,125 shares during the last quarter. Norinchukin Bank The grew its stake in shares of Micron Technology by 3.1% in the first quarter. Norinchukin Bank The now owns 78,169 shares of the semiconductor manufacturer’s stock worth $4,717,000 after acquiring an additional 2,377 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Micron Technology by 197.1% in the first quarter. Clearbridge Investments LLC now owns 1,553,920 shares of the semiconductor manufacturer’s stock worth $93,764,000 after acquiring an additional 1,030,883 shares during the last quarter. Institutional investors own 79.25% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on MU. Wedbush raised their price objective on shares of Micron Technology from $65.00 to $80.00 in a research note on Monday, June 26th. Citigroup restated a “buy” rating and issued a $75.00 price objective on shares of Micron Technology in a research note on Friday, June 30th. Piper Sandler upgraded shares of Micron Technology from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $70.00 in a research note on Thursday, June 29th. StockNews.com began coverage on shares of Micron Technology in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Finally, Stifel Nicolaus lifted their price target on shares of Micron Technology from $55.00 to $65.00 in a research note on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $73.43.
Micron Technology Trading Down 1.1 %
Micron Technology stock traded down $0.75 during trading hours on Tuesday, reaching $69.64. 1,021,904 shares of the company’s stock traded hands, compared to its average volume of 15,833,021. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.64 and a current ratio of 4.26. Micron Technology, Inc. has a fifty-two week low of $48.43 and a fifty-two week high of $74.77. The firm’s 50 day moving average is $65.93 and its 200-day moving average is $63.48.
Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.18. Micron Technology had a negative net margin of 16.02% and a negative return on equity of 5.40%. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the prior year, the company posted $2.50 EPS. The company’s revenue was down 56.6% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology, Inc. will post -5.07 earnings per share for the current year.
Micron Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Monday, July 10th were paid a dividend of $0.115 per share. The ex-dividend date was Friday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.66%. Micron Technology’s dividend payout ratio is currently -17.16%.
Insider Transactions at Micron Technology
In other news, CAO Scott R. Allen sold 13,687 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $60.80, for a total transaction of $832,169.60. Following the completion of the transaction, the chief accounting officer now directly owns 32,094 shares of the company’s stock, valued at approximately $1,951,315.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Scott R. Allen sold 13,687 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $60.80, for a total value of $832,169.60. Following the completion of the sale, the chief accounting officer now owns 32,094 shares of the company’s stock, valued at approximately $1,951,315.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $63.93, for a total value of $447,510.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at approximately $37,262,367.66. The disclosure for this sale can be found here. Insiders sold 212,810 shares of company stock valued at $14,589,150 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.
Micron Technology Company 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 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.
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