Generate Investment Management Ltd Sells 169,754 Shares of Micron Technology, Inc. $MU

Key Points

• Generate Investment Management Ltd sold 169,754 shares of Micron Technology, reducing its holdings by 68% to 80,000 shares, valued at approximately $9.86 million.
• Several institutional investors, including Vermillion Wealth Management Inc. and Scott & Selber Inc., increased their stakes in Micron Technology during the same period, reflecting a growing institutional interest in the company.
• Micron Technology announced a quarterly dividend of $0.115 per share, with a payout ratio of 6.06%, signaling financial health even as insiders have been selling shares.

Generate Investment Management Ltd lowered its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 68.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,000 shares of the semiconductor manufacturer's stock after selling 169,754 shares during the quarter. Generate Investment Management Ltd's holdings in Micron Technology were worth $9,860,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vermillion Wealth Management Inc. lifted its stake in shares of Micron Technology by 224.8% during the 2nd quarter. Vermillion Wealth Management Inc. now owns 695 shares of the semiconductor manufacturer's stock worth $86,000 after purchasing an additional 481 shares during the last quarter. Scott & Selber Inc. increased its holdings in Micron Technology by 67.4% in the 2nd quarter. Scott & Selber Inc. now owns 45,913 shares of the semiconductor manufacturer's stock worth $5,659,000 after buying an additional 18,492 shares during the period. Global Trust Asset Management LLC acquired a new position in Micron Technology during the second quarter valued at $59,000. Smith Salley Wealth Management grew its holdings in Micron Technology by 12.5% during the second quarter. Smith Salley Wealth Management now owns 3,039 shares of the semiconductor manufacturer's stock worth $375,000 after acquiring an additional 337 shares during the period. Finally, Beacon Capital Management LLC boosted its holdings in Micron Technology by 468.4% during the second quarter. Beacon Capital Management LLC now owns 989 shares of the semiconductor manufacturer's stock worth $122,000 after buying an additional 815 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

Shares of MU stock opened at $157.27 on Monday. The stock has a market capitalization of $176.00 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 0.35 and a beta of 1.47. The company's 50-day simple moving average is $128.30 and its 200-day simple moving average is $108.20. 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 $170.45.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. Micron Technology's payout ratio is currently 6.06%.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 13,798 shares of the business's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the sale, the chief executive officer directly owned 325,148 shares in the company, valued at approximately $52,739,005.60. The trade was a 4.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were 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 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,308 shares of company stock valued at $9,952,167. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. KeyCorp increased their price objective on shares of Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a report on Wednesday, September 24th. Citigroup boosted their price objective on shares of Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. TD Cowen upped their target price on shares of Micron Technology from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. CLSA started coverage on shares of Micron Technology in a report on Wednesday, August 27th. They issued an "outperform" rating and a $155.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Micron Technology from $175.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Four equities 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. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $184.77.

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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