Fort Washington Investment Advisors Inc. OH Has $48.05 Million Stock Position in Micron Technology, Inc. $MU

Key Points

• Fort Washington Investment Advisors Inc. OH reduced its stake in Micron Technology by 22.2%, ending the quarter with a stock position worth $48.05 million.
• The stock has seen multiple analysts upgrade their target prices, with Raymond James and Rosenblatt Securities raising theirs to $190 and $250, respectively.
• Micron Technology recently announced a quarterly dividend of $0.115 per share, with an annualized yield of 0.3%.

Fort Washington Investment Advisors Inc. OH trimmed its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 22.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 389,866 shares of the semiconductor manufacturer's stock after selling 111,381 shares during the quarter. Fort Washington Investment Advisors Inc. OH's holdings in Micron Technology were worth $48,051,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after acquiring an additional 2,038,641 shares during the period. Charles Schwab Investment Management Inc. increased its position in Micron Technology by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,938,848 shares of the semiconductor manufacturer's stock worth $602,917,000 after acquiring an additional 58,285 shares during the period. Dimensional Fund Advisors LP increased its position in Micron Technology by 26.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock worth $590,807,000 after acquiring an additional 1,416,174 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Micron Technology by 0.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,366,631 shares of the semiconductor manufacturer's stock worth $379,417,000 after acquiring an additional 17,970 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MU has been the topic of a number of research reports. Raymond James Financial boosted their target price on shares of Micron Technology from $150.00 to $190.00 and gave the stock an "outperform" rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Micron Technology from $130.00 to $145.00 and gave the stock a "neutral" rating in a research report on Wednesday. Rosenblatt Securities boosted their target price on shares of Micron Technology from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday. Bank of America boosted their target price on shares of Micron Technology from $140.00 to $180.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, CLSA started coverage on shares of Micron Technology in a report on Wednesday, August 27th. They issued an "outperform" rating and a $155.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of "Buy" and a consensus price target of $184.77.

Micron Technology Stock Up 0.3%

MU opened at $157.27 on Friday. The firm's 50-day simple moving average is $128.30 and its 200-day simple moving average is $108.11. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.52. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $170.45. The firm has a market cap of $176.00 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 0.40 and a beta of 1.47.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.21%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be issued 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 0.3%. Micron Technology's dividend payout ratio is presently 6.06%.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total value of $278,070.68. Following the sale, the director owned 20,146 shares of the company's stock, valued at approximately $2,330,287.82. This represents a 10.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer directly owned 264,036 shares in the company, 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. Insiders sold a total of 156,308 shares of company stock worth $19,804,967 in the last quarter. 0.30% of the stock is owned by company insiders.

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.

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