Lebenthal Global Advisors LLC Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Lebenthal Global Advisors LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 26.3% during the second quarter, HoldingsChannel.com reports. The fund owned 3,036 shares of the semiconductor manufacturer’s stock after selling 1,086 shares during the quarter. Lebenthal Global Advisors LLC’s holdings in Micron Technology were worth $399,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MU. Atria Investments Inc raised its stake in Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC raised its position in shares of Micron Technology by 39.8% in the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after purchasing an additional 94 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Micron Technology by 1.5% in the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares in the last quarter. Retirement Group LLC grew its position in Micron Technology by 37.3% during the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after purchasing an additional 100 shares during the last quarter. Finally, E&G Advisors LP increased its stake in Micron Technology by 5.2% during the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock valued at $265,000 after purchasing an additional 100 shares in the last quarter. 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 34,284 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The disclosure for this sale can be found here. In the last three months, insiders sold 60,174 shares of company stock worth $8,635,073. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Mizuho boosted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Bank of America boosted their price target on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, June 17th. UBS Group reduced their price objective on Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Wedbush reiterated an “outperform” rating and issued a $170.00 target price on shares of Micron Technology in a research report on Thursday, June 27th. Finally, The Goldman Sachs Group raised their price target on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $157.52.

Micron Technology Price Performance

Shares of NASDAQ:MU traded down $1.41 during midday trading on Friday, reaching $102.85. 24,535,168 shares of the company’s stock traded hands, compared to its average volume of 21,332,375. The company has a fifty day simple moving average of $118.55 and a two-hundred day simple moving average of $113.85. Micron Technology, Inc. has a 1 year low of $62.63 and a 1 year high of $157.54. The company has a market cap of $114.04 billion, a P/E ratio of -72.43 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. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue was up 81.5% compared to the same quarter last year. During the same period last year, the firm posted ($1.57) earnings per share. 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 was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

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.