Keybank National Association OH Sells 5,920 Shares of Micron Technology, Inc. (NASDAQ:MU)

Keybank National Association OH trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 32.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,396 shares of the semiconductor manufacturer's stock after selling 5,920 shares during the period. Keybank National Association OH's holdings in Micron Technology were worth $1,077,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MU. Norges Bank purchased a new position in Micron Technology in the 4th quarter worth approximately $1,470,875,000. Capital World Investors increased its stake in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC increased its stake in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital Research Global Investors increased its stake in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors increased its stake in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

Shares of MU opened at $122.03 on Friday. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $103.57 and a two-hundred day simple moving average of $94.80. The stock has a market cap of $136.56 billion, a price-to-earnings ratio of 21.99 and a beta of 1.35. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $136.50.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $9.30 billion during the quarter, compared to analyst estimates 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 prior year, the company posted $0.62 earnings per share. On average, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the sale, the executive vice president directly owned 186,353 shares of the company's stock, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director directly owned 22,762 shares of the company's stock, valued at $2,848,664.30. The trade was a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock valued at $31,154,717 in the last 90 days. 0.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on MU. Stifel Nicolaus boosted their target price on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price on the stock. in a research note on Wednesday, March 26th. Wells Fargo & Company lifted their price target on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. UBS Group lifted their price target on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, Cantor Fitzgerald lifted their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.21.

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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