Cornerstone Advisors LLC Lowers Position in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Advisors LLC trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 17.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the semiconductor manufacturer’s stock after selling 2,700 shares during the period. Cornerstone Advisors LLC’s holdings in Micron Technology were worth $1,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in MU. Cornerstone Wealth Management LLC purchased a new position in Micron Technology in the fourth quarter valued at about $259,000. Dynamic Advisor Solutions LLC grew its position in shares of Micron Technology by 20.3% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 10,198 shares of the semiconductor manufacturer’s stock worth $851,000 after buying an additional 1,720 shares during the last quarter. CIC Wealth LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $261,000. Fortitude Family Office LLC purchased a new stake in Micron Technology during the fourth quarter valued at approximately $493,000. Finally, SkyOak Wealth LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $208,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total transaction of $783,510.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total value of $783,510.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael W. Bokan sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the sale, the senior vice president now directly owns 153,387 shares in the company, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. Insiders have sold a total of 243,730 shares of company stock valued at $30,218,549 in the last 90 days. 0.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays raised their price target on Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Cantor Fitzgerald upped their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, June 17th. TD Cowen lifted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, Raymond James boosted their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Price Performance

Shares of NASDAQ:MU traded down $3.19 during midday trading on Friday, reaching $114.26. 18,038,924 shares of the company’s stock traded hands, compared to its average volume of 29,122,340. The company has a fifty day simple moving average of $132.45 and a two-hundred day simple moving average of $111.06. Micron Technology, Inc. has a 1 year low of $61.75 and a 1 year high of $157.54. The company has a market cap of $126.70 billion, a P/E ratio of -80.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $6.67 billion. During the same period last year, the firm posted ($1.57) earnings per share. The company’s revenue was up 81.5% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology’s payout ratio is currently -32.39%.

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.