Checchi Capital Advisers LLC lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 4.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,925 shares of the semiconductor manufacturer’s stock after acquiring an additional 252 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Micron Technology were worth $374,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Sei Investments Co. raised its holdings in Micron Technology by 12.8% during the 1st quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock valued at $27,314,000 after buying an additional 39,693 shares during the period. Prudential PLC purchased a new stake in Micron Technology during the 1st quarter valued at $1,672,000. Brighton Jones LLC raised its holdings in Micron Technology by 12.3% during the 1st quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock valued at $227,000 after buying an additional 318 shares during the period. Baird Financial Group Inc. raised its holdings in Micron Technology by 9.2% during the 1st quarter. Baird Financial Group Inc. now owns 200,423 shares of the semiconductor manufacturer’s stock valued at $15,611,000 after buying an additional 16,953 shares during the period. Finally, Zions Bancorporation N.A. grew its position in Micron Technology by 52.5% in the 1st quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 730 shares during the last quarter. 79.25% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Micron Technology news, EVP April S. Arnzen sold 3,508 shares of the business’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $69.71, for a total transaction of $244,542.68. Following the transaction, the executive vice president now owns 155,352 shares of the company’s stock, valued at $10,829,587.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sanjay Mehrotra sold 30,000 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $70.00, for a total value of $2,100,000.00. Following the transaction, the chief executive officer now owns 582,862 shares of the company’s stock, valued at approximately $40,800,340. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 3,508 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $69.71, for a total value of $244,542.68. Following the completion of the transaction, the executive vice president now directly owns 155,352 shares in the company, valued at approximately $10,829,587.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,390 shares of company stock valued at $10,401,733. Insiders own 0.33% of the company’s stock.
Micron Technology Stock Up 1.2 %
Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the previous year, the business earned $1.36 earnings per share. The firm’s revenue for the quarter was down 39.6% on a year-over-year basis. Equities research analysts forecast that Micron Technology, Inc. will post -2.52 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Tuesday, October 10th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Friday, October 6th. Micron Technology’s dividend payout ratio (DPR) is currently -8.61%.
Analysts Set New Price Targets
Several brokerages have commented on MU. Bank of America upped their price objective on Micron Technology from $70.00 to $77.00 in a research report on Tuesday, October 10th. Citigroup reissued a “buy” rating and set a $85.00 price target on shares of Micron Technology in a research report on Thursday, September 28th. Barclays increased their price target on Micron Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Micron Technology in a research report on Tuesday, September 26th. Finally, Morgan Stanley increased their price target on Micron Technology from $46.00 to $58.50 and gave the stock an “underweight” rating in a research report on Monday, September 25th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $77.75.
About Micron Technology
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.
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