HB Wealth Management LLC Cuts Stock Position in Micron Technology, Inc. $MU

Key Points

• HB Wealth Management LLC reduced its stake in Micron Technology by 16.1%, now holding 23,958 shares valued at approximately $2.95 million.
• Micron Technology announced a quarterly dividend of $0.115 per share, with the ex-dividend date set for October 3rd, representing a 0.3% yield.
• Analysts have increased their target prices for Micron Technology, with estimates ranging from $175.00 to $250.00, indicating a strong buying sentiment in the market.

HB Wealth Management LLC lessened its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 16.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 23,958 shares of the semiconductor manufacturer's stock after selling 4,590 shares during the quarter. HB Wealth Management LLC's holdings in Micron Technology were worth $2,953,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mission Wealth Management LP grew its holdings in shares of Micron Technology by 195.2% during the first quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock worth $1,360,000 after buying an additional 10,348 shares in the last quarter. TB Alternative Assets Ltd. grew its holdings in shares of Micron Technology by 331.3% during the first quarter. TB Alternative Assets Ltd. now owns 79,788 shares of the semiconductor manufacturer's stock worth $6,933,000 after buying an additional 61,288 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in shares of Micron Technology during the first quarter worth $228,000. Teamwork Financial Advisors LLC grew its holdings in shares of Micron Technology by 27.3% during the first quarter. Teamwork Financial Advisors LLC now owns 15,089 shares of the semiconductor manufacturer's stock worth $1,311,000 after buying an additional 3,240 shares in the last quarter. Finally, Clarius Group LLC grew its holdings in shares of Micron Technology by 57.9% during the first quarter. Clarius Group LLC now owns 14,238 shares of the semiconductor manufacturer's stock worth $1,237,000 after buying an additional 5,220 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Insider Activity at Micron Technology

In other Micron Technology news, Director Richard M. Beyer sold 5,552 shares of the company's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $155.68, for a total value of $864,335.36. Following the transaction, the director owned 96,031 shares of the company's stock, valued at $14,950,106.08. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $278,070.68. Following the completion of the transaction, the director directly owned 20,146 shares in the company, valued at $2,330,287.82. The trade was a 10.66% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,456 shares of company stock worth $10,524,945. 0.30% of the stock is owned by corporate insiders.

Micron Technology Trading Up 8.9%

Shares of MU opened at $182.15 on Thursday. The firm has a 50-day moving average price of $131.92 and a 200 day moving average price of $109.55. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $182.39. The company has a current ratio of 2.52, a quick ratio of 1.79 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $203.85 billion, a P/E ratio of 24.00, a P/E/G ratio of 0.37 and a beta of 1.56.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be given a $0.115 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology's dividend payout ratio is presently 6.06%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MU. Barclays upped their target price on shares of Micron Technology from $140.00 to $175.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. CLSA began coverage on shares of Micron Technology in a report on Wednesday, August 27th. They set an "outperform" rating and a $155.00 target price for the company. Needham & Company LLC upped their target price on shares of Micron Technology from $150.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. upped their price objective on shares of Micron Technology from $185.00 to $220.00 and gave the company an "overweight" rating in a report on Wednesday, September 24th. Finally, Rosenblatt Securities upped their price objective on shares of Micron Technology from $200.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Micron Technology presently has a consensus rating of "Buy" and a consensus price target of $184.77.

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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