Legacy Capital Group California Inc. Decreases Position in Micron Technology, Inc. (NASDAQ:MU)

Legacy Capital Group California Inc. lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 4.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,036 shares of the semiconductor manufacturer’s stock after selling 128 shares during the period. Legacy Capital Group California Inc.’s holdings in Micron Technology were worth $315,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MU. Clearbridge Investments LLC increased its position in Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares in the last quarter. Global X Japan Co. Ltd. increased its position in Micron Technology by 23.1% during the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after purchasing an additional 9,735 shares in the last quarter. Chapin Davis Inc. purchased a new stake in Micron Technology during the 2nd quarter worth about $4,056,000. Handelsbanken Fonder AB raised its stake in Micron Technology by 2.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 434,596 shares of the semiconductor manufacturer’s stock valued at $45,072,000 after purchasing an additional 9,992 shares during the last quarter. Finally, Kempner Capital Management Inc. lifted its holdings in Micron Technology by 16.8% in the 3rd quarter. Kempner Capital Management Inc. now owns 94,192 shares of the semiconductor manufacturer’s stock valued at $9,769,000 after purchasing an additional 13,581 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $107.91 on Friday. The stock has a market cap of $119.66 billion, a P/E ratio of -75.99 and a beta of 1.18. The firm’s 50-day simple moving average is $99.23 and its 200 day simple moving average is $114.05. Micron Technology, Inc. has a fifty-two week low of $63.88 and a fifty-two week high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology’s revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.21) EPS. Equities analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MU shares. Citigroup cut their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. KeyCorp cut their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Rosenblatt Securities raised their price objective on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Raymond James upped their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Finally, Needham & Company LLC restated a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $142.85.

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.