Bank Pictet & Cie Europe AG Cuts Holdings in Micron Technology, Inc. (NASDAQ:MU)

Bank Pictet & Cie Europe AG lessened its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 50.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,062 shares of the semiconductor manufacturer's stock after selling 43,660 shares during the period. Bank Pictet & Cie Europe AG's holdings in Micron Technology were worth $3,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MU. Brighton Jones LLC lifted its holdings in shares of Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after acquiring an additional 976 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Micron Technology by 4.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 10,061 shares of the semiconductor manufacturer's stock worth $847,000 after acquiring an additional 472 shares during the last quarter. TigerOak Management L.L.C. bought a new stake in shares of Micron Technology in the 4th quarter worth approximately $574,000. Next Level Wealth Planning LLC bought a new stake in Micron Technology during the 4th quarter valued at $404,000. Finally, Beacon Capital Management LLC raised its holdings in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock valued at $31,000 after buying an additional 200 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,904 shares of company stock worth $4,665,124. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MU. Mizuho increased their price target on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Wedbush reissued an "underperform" rating on shares of Micron Technology in a research report on Monday, April 28th. Citigroup increased their price target on shares of Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 9th. KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Finally, China Renaissance cut shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average target price of $129.00.

Micron Technology Stock Performance

Shares of MU opened at $115.60 on Monday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The business's 50 day moving average price is $88.20 and its 200-day moving average price is $92.53. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. The stock has a market cap of $129.19 billion, a P/E ratio of 33.31 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. During the same period in the previous year, the firm posted $0.42 EPS. The business's revenue for the quarter was up 38.2% compared to the same quarter last year. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology's dividend payout ratio is currently 11.03%.

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.

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