Ballentine Partners LLC Lowers Position in Micron Technology, Inc. (NASDAQ:MU)

Ballentine Partners LLC trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 8.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 130,686 shares of the semiconductor manufacturer’s stock after selling 12,641 shares during the period. Ballentine Partners LLC’s holdings in Micron Technology were worth $17,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its position in Micron Technology by 26.5% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 2,757 shares of the semiconductor manufacturer’s stock worth $235,000 after purchasing an additional 577 shares in the last quarter. Spire Wealth Management lifted its position in shares of Micron Technology by 9.6% during the 4th quarter. Spire Wealth Management now owns 2,034 shares of the semiconductor manufacturer’s stock valued at $178,000 after buying an additional 179 shares in the last quarter. Lincoln National Corp grew its stake in Micron Technology by 13.3% in the 4th quarter. Lincoln National Corp now owns 8,059 shares of the semiconductor manufacturer’s stock valued at $688,000 after acquiring an additional 948 shares during the period. Wealthspire Advisors LLC purchased a new stake in Micron Technology in the 4th quarter worth $256,000. Finally, Principal Securities Inc. purchased a new stake in Micron Technology in the 4th quarter worth $1,009,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The shares were 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 owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,174 shares of company stock worth $6,827,113. Insiders own 0.32% of the company’s stock.

Micron Technology Trading Down 3.4 %

MU stock traded down $3.01 during midday trading on Friday, hitting $86.38. 23,388,281 shares of the company’s stock were exchanged, compared to its average volume of 21,325,547. Micron Technology, Inc. has a 1-year low of $63.83 and a 1-year high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $95.78 billion, a PE ratio of -60.83 and a beta of 1.17. The business has a 50-day simple moving average of $108.72 and a two-hundred day simple moving average of $114.80.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data 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 return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period last year, the company earned ($1.57) EPS. The company’s quarterly revenue was up 81.5% on a year-over-year basis. On average, sell-side analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. Micron Technology’s payout ratio is currently -32.39%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Mizuho lifted their target price on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. TD Cowen lifted their price objective on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. The Goldman Sachs Group increased their target price on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Susquehanna lowered their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research note on Thursday, August 22nd. Finally, Morgan Stanley boosted their price target on Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $157.12.

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.