ARGA Investment Management LP Sells 14,055 Shares of Micron Technology, Inc. (NASDAQ:MU)

ARGA Investment Management LP lowered its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 62.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,350 shares of the semiconductor manufacturer's stock after selling 14,055 shares during the period. ARGA Investment Management LP's holdings in Micron Technology were worth $726,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Micron Technology by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer's stock valued at $8,403,982,000 after purchasing an additional 888,087 shares in the last quarter. FMR LLC boosted its stake in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares in the last quarter. Capital World Investors boosted its stake in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after acquiring an additional 726,282 shares during the last quarter. Finally, Norges Bank acquired a new position in Micron Technology in the fourth quarter valued at approximately $1,470,875,000. Institutional investors own 80.84% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MU shares. Susquehanna upped their price target on Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. Wedbush boosted their price objective on Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Stifel Nicolaus upped their price target on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Rosenblatt Securities upped their price target on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Finally, Raymond James Financial increased their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $146.21.

Insider Buying and Selling at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the sale, the director owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,446 shares of company stock worth $31,154,717. 0.30% of the stock is currently owned by company insiders.

Micron Technology Price Performance

NASDAQ MU opened at $119.92 on Tuesday. The company has a market capitalization of $134.21 billion, a PE ratio of 21.61 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The business's fifty day moving average is $104.39 and its 200 day moving average is $95.06. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $136.50.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the previous year, the business earned $0.62 earnings per share. Sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.38%. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

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.

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