Commerce Bank Sells 4,371 Shares of Micron Technology, Inc. (NASDAQ:MU)

Commerce Bank lowered its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,218 shares of the semiconductor manufacturer's stock after selling 4,371 shares during the period. Commerce Bank's holdings in Micron Technology were worth $4,190,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Moors & Cabot Inc. grew its position in shares of Micron Technology by 56.3% in the 1st quarter. Moors & Cabot Inc. now owns 21,725 shares of the semiconductor manufacturer's stock valued at $1,888,000 after buying an additional 7,827 shares during the last quarter. Alberta Investment Management Corp grew its position in shares of Micron Technology by 4.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,423 shares of the semiconductor manufacturer's stock valued at $2,817,000 after buying an additional 1,423 shares during the last quarter. US Bancorp DE grew its position in shares of Micron Technology by 52.7% in the 1st quarter. US Bancorp DE now owns 890,852 shares of the semiconductor manufacturer's stock valued at $77,406,000 after buying an additional 307,293 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Micron Technology by 16.5% in the 1st quarter. Harbour Investments Inc. now owns 17,989 shares of the semiconductor manufacturer's stock valued at $1,563,000 after buying an additional 2,546 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC grew its position in shares of Micron Technology by 20.1% in the 1st quarter. Sound View Wealth Advisors Group LLC now owns 19,208 shares of the semiconductor manufacturer's stock valued at $1,669,000 after buying an additional 3,209 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MU. Piper Sandler upped their price target on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. upped their price target on Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Citigroup upped their price target on Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Bank of America upped their price target on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Finally, Wells Fargo & Company upped their target price on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus target price of $146.44.

Micron Technology Stock Down 3.9%

MU stock opened at $104.88 on Monday. The stock's 50 day simple moving average is $114.36 and its 200 day simple moving average is $97.92. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. 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 company has a market cap of $117.37 billion, a P/E ratio of 18.90 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share 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 business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the prior year, the business earned $0.62 EPS. On average, research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. Micron Technology's dividend payout ratio is 8.29%.

Insider Transactions at Micron Technology

In other news, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director directly owned 22,762 shares of the company's stock, valued at $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 286,042 shares of company stock valued at $34,679,277. Corporate insiders own 0.30% of the company's stock.

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.

Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.