Gilliland Jeter Wealth Management LLC Trims Position in Micron Technology, Inc. (NASDAQ:MU)

Gilliland Jeter Wealth Management LLC reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 41.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,843 shares of the semiconductor manufacturer's stock after selling 2,741 shares during the period. Gilliland Jeter Wealth Management LLC's holdings in Micron Technology were worth $334,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology during the 4th quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter worth about $33,000. Curio Wealth LLC bought a new position in shares of Micron Technology during the 4th quarter worth about $34,000. Hurley Capital LLC bought a new position in shares of Micron Technology during the 4th quarter worth about $37,000. Finally, Roxbury Financial LLC boosted its position in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Price Performance

NASDAQ:MU traded down $2.18 during mid-day trading on Wednesday, reaching $122.24. The stock had a trading volume of 20,428,033 shares, compared to its average volume of 23,308,471. The firm has a 50 day moving average price of $106.25 and a two-hundred day moving average price of $95.45. The stock has a market capitalization of $136.80 billion, a P/E ratio of 22.03 and a beta of 1.35. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $136.50. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75.

Micron Technology (NASDAQ:MU - Get Free Report) last released its 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. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the previous year, the company posted $0.62 EPS. As a group, analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be given a $0.115 dividend. The ex-dividend date is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. Micron Technology's payout ratio is 8.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MU shares. Robert W. Baird increased their price objective on shares of Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Wells Fargo & Company raised their price target on shares of Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Morgan Stanley increased their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. Susquehanna lifted their target price on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research report on Thursday, June 26th. Finally, Piper Sandler raised their price objective on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.21.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the transaction, the executive vice president directly owned 148,167 shares of the company's stock, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of Micron Technology 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 transaction, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,446 shares of company stock worth $31,154,717 over the last ninety days. Corporate insiders own 0.30% of the company's stock.

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.