Gulf International Bank UK Ltd Sells 22,079 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Micron Technology by 25.7%, selling 22,079 shares during the first quarter, leaving them with 63,833 shares valued at $5,546,000.
• Micron Technology reported strong earnings with $1.91 EPS for the recent quarter, exceeding estimates of $1.57, and generated $9.30 billion in revenue.
• Institutional investors own 80.84% of Micron Technology's stock, with varying analyst ratings, where the average target price is $147.24 and many analysts deem it a "Moderate Buy."

Gulf International Bank UK Ltd decreased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 25.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,833 shares of the semiconductor manufacturer's stock after selling 22,079 shares during the quarter. Gulf International Bank UK Ltd's holdings in Micron Technology were worth $5,546,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC acquired a new position in Micron Technology in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology in the 1st quarter worth approximately $33,000. AllSquare Wealth Management LLC raised its holdings in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Micron Technology in the 1st quarter worth approximately $36,000. Finally, Roxbury Financial LLC raised its holdings in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley raised their price target on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a report on Thursday, June 26th. Arete Research raised Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft assumed coverage on Micron Technology in a report on Thursday, July 10th. They set a "buy" rating and a $150.00 price target for the company. Susquehanna raised their price target on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a report on Thursday, June 26th. Finally, Rosenblatt Securities raised their price target on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $147.24.

Micron Technology Trading Up 3.3%

Shares of NASDAQ:MU opened at $127.75 on Wednesday. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $129.85. The stock has a market cap of $142.97 billion, a PE ratio of 23.02 and a beta of 1.37. The business has a 50 day moving average of $116.97 and a 200-day moving average of $98.42. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the previous year, the company posted $0.62 earnings per share. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the completion of the transaction, the director directly owned 22,550 shares in the company, valued at approximately $2,734,864. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. This trade represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,042 shares of company stock valued at $34,679,277. 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.

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