Micron Technology, Inc. $MU Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 23.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,484 shares of the semiconductor manufacturer’s stock after selling 12,174 shares during the period. DAVENPORT & Co LLC’s holdings in Micron Technology were worth $4,866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. HMS Capital Management LLC raised its position in shares of Micron Technology by 0.6% during the 2nd quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer’s stock valued at $2,375,000 after acquiring an additional 107 shares in the last quarter. D.B. Root & Company LLC raised its position in shares of Micron Technology by 3.7% during the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer’s stock valued at $262,000 after acquiring an additional 108 shares in the last quarter. Werlinich Asset Management LLC raised its position in shares of Micron Technology by 1.1% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,685 shares of the semiconductor manufacturer’s stock valued at $1,317,000 after acquiring an additional 115 shares in the last quarter. Rise Advisors LLC raised its position in shares of Micron Technology by 5.3% during the 1st quarter. Rise Advisors LLC now owns 2,373 shares of the semiconductor manufacturer’s stock valued at $206,000 after acquiring an additional 120 shares in the last quarter. Finally, Orca Wealth Management LLC raised its position in shares of Micron Technology by 1.5% during the 1st quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer’s stock valued at $737,000 after acquiring an additional 129 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Richard M. Beyer sold 5,552 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $155.68, for a total value of $864,335.36. Following the completion of the transaction, the director owned 96,031 shares of the company’s stock, valued at approximately $14,950,106.08. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares of the company’s stock, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,956 shares of company stock worth $22,841,025. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MU has been the topic of several research reports. Needham & Company LLC upped their price target on Micron Technology from $150.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Itau BBA Securities initiated coverage on Micron Technology in a research report on Tuesday. They set an “outperform” rating and a $249.00 price target on the stock. KGI Securities upgraded Micron Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 24th. Cantor Fitzgerald upped their price objective on Micron Technology from $185.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 24th. Finally, Wolfe Research upped their price objective on Micron Technology from $160.00 to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Four analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $189.37.

Micron Technology Trading Down 2.8%

NASDAQ:MU opened at $185.69 on Wednesday. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $201.00. The stock has a market cap of $208.43 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 0.42 and a beta of 1.56. The business has a fifty day moving average of $137.96 and a 200-day moving average of $112.01. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52.

Micron Technology Dividend Announcement

The firm 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 $0.115 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. Micron Technology’s dividend payout ratio is presently 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.