DAVENPORT & Co LLC Lowers Holdings in Micron Technology, Inc. $MU

Key Points

• DAVENPORT & Co LLC reduced its stake in Micron Technology by 23.6%, selling 12,174 shares in the 2nd quarter, leaving it with holdings valued at approximately $4.87 million.
• Several institutional investors, including Brighton Jones LLC and Miracle Mile Advisors LLC, have recently increased their stakes in Micron, indicating a positive sentiment within the investment community.
• Analysts have raised their price targets for Micron Technology, with Piper Sandler setting a new target of $200 and Rosenblatt Securities increasing it to $250, reflecting confidence in the company's future performance.

DAVENPORT & Co LLC decreased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 23.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,484 shares of the semiconductor manufacturer's stock after selling 12,174 shares during the quarter. DAVENPORT & Co LLC's holdings in Micron Technology were worth $4,866,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Brighton Jones LLC grew its holdings in Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock valued at $532,000 after buying an additional 976 shares during the period. Miracle Mile Advisors LLC grew its holdings in Micron Technology by 36.7% in the 1st quarter. Miracle Mile Advisors LLC now owns 4,104 shares of the semiconductor manufacturer's stock valued at $357,000 after buying an additional 1,102 shares during the period. Park Avenue Securities LLC grew its holdings in Micron Technology by 17.4% in the 1st quarter. Park Avenue Securities LLC now owns 30,191 shares of the semiconductor manufacturer's stock valued at $2,623,000 after buying an additional 4,480 shares during the period. Capital Investment Advisors LLC grew its holdings in Micron Technology by 17.6% in the 1st quarter. Capital Investment Advisors LLC now owns 7,429 shares of the semiconductor manufacturer's stock valued at $645,000 after buying an additional 1,112 shares during the period. Finally, Moss Adams Wealth Advisors LLC grew its holdings in Micron Technology by 12.9% in the 1st quarter. Moss Adams Wealth Advisors LLC now owns 3,609 shares of the semiconductor manufacturer's stock valued at $314,000 after buying an additional 413 shares during the period. Hedge funds and other institutional investors own 80.84% of the company's stock.

Insider Buying and Selling

In other Micron Technology news, Director Richard M. Beyer sold 5,552 shares of the company's stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total value of $2,460,600.00. Following the completion of the transaction, the executive vice president directly owned 131,580 shares in the company, valued at approximately $21,584,383.20. The trade was a 10.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,956 shares of company stock valued at $22,841,025. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MU. Piper Sandler lifted their price objective on Micron Technology from $165.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Rosenblatt Securities lifted their price objective on Micron Technology from $200.00 to $250.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Robert W. Baird lifted their price objective on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. Itau BBA Securities began coverage on Micron Technology in a research note on Tuesday. They issued an "outperform" rating and a $249.00 price objective on the stock. Finally, Wedbush lifted their price objective on Micron Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $189.37.

Micron Technology Stock Performance

Micron Technology stock opened at $185.69 on Wednesday. The stock's 50 day moving average price is $137.96 and its 200 day moving average price is $112.01. The firm has a market capitalization of $208.43 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 0.42 and a beta of 1.56. 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, Inc. has a one year low of $61.54 and a one year high of $201.00.

Micron Technology Announces Dividend

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

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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