AXS Investments LLC Reduces Position in Micron Technology, Inc. (NASDAQ:MU)

AXS Investments LLC lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 13.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,951 shares of the semiconductor manufacturer’s stock after selling 2,631 shares during the period. AXS Investments LLC’s holdings in Micron Technology were worth $1,070,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Studio Investment Management LLC boosted its holdings in shares of Micron Technology by 0.8% during the 4th quarter. Studio Investment Management LLC now owns 21,367 shares of the semiconductor manufacturer’s stock worth $1,068,000 after buying an additional 167 shares in the last quarter. Schear Investment Advisers LLC grew its stake in shares of Micron Technology by 2.4% during the 2nd quarter. Schear Investment Advisers LLC now owns 7,022 shares of the semiconductor manufacturer’s stock worth $443,000 after acquiring an additional 167 shares during the period. Stonebridge Capital Advisors LLC grew its stake in shares of Micron Technology by 6.6% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock worth $210,000 after acquiring an additional 168 shares during the period. 9258 Wealth Management LLC boosted its stake in Micron Technology by 0.4% in the 2nd quarter. 9258 Wealth Management LLC now owns 43,393 shares of the semiconductor manufacturer’s stock worth $2,739,000 after purchasing an additional 169 shares during the period. Finally, Wilbanks Smith & Thomas Asset Management LLC raised its holdings in shares of Micron Technology by 2.0% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 9,117 shares of the semiconductor manufacturer’s stock valued at $575,000 after acquiring an additional 177 shares in the last quarter. Hedge funds and other institutional investors own 79.25% of the company’s stock.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $0.89 during midday trading on Friday, reaching $77.56. 9,378,253 shares of the company traded hands, compared to its average volume of 15,263,729. The stock has a 50-day moving average price of $69.97 and a 200 day moving average price of $67.49. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.46 and a quick ratio of 2.70. The company has a market cap of $85.16 billion, a price-to-earnings ratio of -14.52 and a beta of 1.30. Micron Technology, Inc. has a 52 week low of $48.43 and a 52 week high of $77.94.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.15) by $0.08. The firm had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.95 billion. Micron Technology had a negative net margin of 37.53% and a negative return on equity of 11.65%. The company’s revenue for the quarter was down 39.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.36 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post -2.52 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Tuesday, October 10th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.59%. The ex-dividend date was Friday, October 6th. Micron Technology’s payout ratio is currently -8.61%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MU. The Goldman Sachs Group lifted their price target on Micron Technology from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, September 19th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Micron Technology in a research note on Tuesday, September 26th. Evercore ISI boosted their price target on Micron Technology from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 26th. Barclays upped their price objective on Micron Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, September 14th. Finally, Mizuho boosted their price target on Micron Technology from $72.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.75.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $63.93, for a total transaction of $447,510.00. Following the transaction, the chief executive officer now directly owns 582,862 shares in the company, valued at approximately $37,262,367.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction 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 owns 582,862 shares in the company, valued at approximately $37,262,367.66. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP April S. Arnzen sold 3,508 shares of Micron Technology stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $69.71, for a total value of $244,542.68. Following the transaction, the executive vice president now owns 155,352 shares in the company, valued at $10,829,587.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,390 shares of company stock worth $10,401,733. Insiders own 0.33% 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.