Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Financial Perspectives Inc

Financial Perspectives Inc cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 3.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,010 shares of the semiconductor manufacturer’s stock after selling 94 shares during the period. Financial Perspectives Inc’s holdings in Micron Technology were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tidemark LLC purchased a new stake in Micron Technology during the 4th quarter worth approximately $25,000. Pingora Partners LLC acquired a new stake in Micron Technology during the fourth quarter worth approximately $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at $29,000. VisionPoint Advisory Group LLC grew its position in shares of Micron Technology by 68.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 198 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in Micron Technology in the first quarter valued at $39,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Analyst Ratings Changes

MU has been the subject of a number of research analyst reports. Barclays increased their price target on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Citigroup lifted their price target on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Micron Technology in a research note on Tuesday, June 25th. Bank of America boosted their target price on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Finally, Stifel Nicolaus raised their price target on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Stock Up 3.2 %

Shares of MU traded up $4.23 during midday trading on Thursday, reaching $136.82. 14,507,146 shares of the stock were exchanged, compared to its average volume of 27,836,970. The firm has a 50 day simple moving average of $129.42 and a 200-day simple moving average of $107.38. Micron Technology, Inc. has a 12-month low of $60.50 and a 12-month high of $157.54. The company has a market cap of $151.71 billion, a price-to-earnings ratio of -96.35 and a beta of 1.18. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the previous year, the firm posted ($1.57) earnings per share. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. Research analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be issued a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.34%. Micron Technology’s dividend payout ratio is -32.39%.

Insider Activity

In related news, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares in the company, valued at $30,981,985.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total transaction of $858,200.00. Following the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at approximately $89,321,088.20. The disclosure for this sale can be found here. Insiders have sold 257,730 shares of company stock valued at $31,921,649 over the last three months. 0.32% of the stock is owned by 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 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.