Matthews International Capital Management LLC Trims Stock Position in Micron Technology, Inc. $MU

Matthews International Capital Management LLC lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 27.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 31,811 shares of the semiconductor manufacturer’s stock after selling 12,229 shares during the quarter. Micron Technology makes up approximately 0.9% of Matthews International Capital Management LLC’s holdings, making the stock its 23rd largest holding. Matthews International Capital Management LLC’s holdings in Micron Technology were worth $3,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Hilltop National Bank purchased a new position in Micron Technology in the second quarter valued at $37,000. Dogwood Wealth Management LLC increased its holdings in Micron Technology by 259.6% in the second quarter. Dogwood Wealth Management LLC now owns 356 shares of the semiconductor manufacturer’s stock valued at $44,000 after buying an additional 257 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Micron Technology in the first quarter valued at $33,000. AllSquare Wealth Management LLC increased its holdings in Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in Micron Technology in the first quarter valued at $36,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analysts Set New Price Targets

MU has been the topic of several research analyst reports. Robert W. Baird lifted their target price on shares of Micron Technology from $163.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 27th. Piper Sandler lifted their target price on shares of Micron Technology from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Raymond James Financial boosted their target price on Micron Technology from $150.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, September 24th. Wolfe Research lifted their price objective on shares of Micron Technology from $160.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday, September 17th. Finally, TD Cowen lifted their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company a “buy” rating in a report on Friday, September 19th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.77.

Insider Buying and Selling at Micron Technology

In other news, Director Richard M. Beyer sold 5,552 shares of the company’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total transaction of $864,335.36. Following the transaction, the director directly owned 96,031 shares of the company’s stock, valued at $14,950,106.08. This represents a 5.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 15,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the transaction, the chief executive officer directly owned 310,148 shares in the company, valued at approximately $56,093,367.28. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,456 shares of company stock worth $15,698,445. Company insiders own 0.30% of the company’s stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $187.83 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $191.85. The stock has a market cap of $210.20 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.40 and a beta of 1.56. The firm’s fifty day simple moving average is $134.89 and its 200-day simple moving average is $110.70.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.2%. Micron Technology’s dividend payout ratio is 6.06%.

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.