Matthews International Capital Management LLC Lowers Stock Holdings in Micron Technology, Inc. $MU

Key Points

• Matthews International Capital Management LLC reduced its stake in Micron Technology by 27.8%, selling 12,229 shares and retaining 31,811 shares, which now account for 0.9% of its holdings.
• Micron Technology declared a quarterly dividend of $0.115 per share, to be paid on October 21st, representing a 0.2% yield.
• Analysts have shown an optimistic outlook on Micron, with multiple firms raising their price targets and an overall consensus rating of "Moderate Buy".

Matthews International Capital Management LLC trimmed its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 27.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,811 shares of the semiconductor manufacturer's stock after selling 12,229 shares during the period. Micron Technology comprises 0.9% of Matthews International Capital Management LLC's holdings, making the stock its 23rd biggest holding. Matthews International Capital Management LLC's holdings in Micron Technology were worth $3,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in MU. Opal Wealth Advisors LLC purchased a new stake in Micron Technology in the 1st quarter valued at about $33,000. AllSquare Wealth Management LLC boosted its position in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. purchased a new stake in Micron Technology in the 1st quarter valued at about $36,000. Hilltop National Bank purchased a new stake in Micron Technology in the 2nd quarter valued at about $37,000. Finally, Saudi Central Bank bought a new stake in shares of Micron Technology in the 1st quarter valued at about $38,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Up 2.2%

Shares of Micron Technology stock opened at $187.83 on Friday. The company has a current ratio of 2.52, a quick ratio of 1.79 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $191.85. The firm has a market capitalization of $210.20 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 0.40 and a beta of 1.56. The firm's 50 day simple moving average is $134.89 and its two-hundred day simple moving average is $110.70.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.2%. Micron Technology's dividend payout ratio is presently 6.06%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the transaction, the chief executive officer owned 310,148 shares in the company, valued at approximately $56,093,367.28. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total transaction of $278,070.68. Following the transaction, the director 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. Insiders have sold a total of 109,456 shares of company stock worth $15,698,445 in the last three months. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald boosted their price target on shares of Micron Technology from $185.00 to $200.00 and gave the company an "overweight" rating in a report on Wednesday, September 24th. Bank of America boosted their price target on shares of Micron Technology from $140.00 to $180.00 and gave the company a "neutral" rating in a report on Wednesday, September 24th. Rosenblatt Securities boosted their price target 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. Raymond James Financial boosted their price target on shares of Micron Technology from $150.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Finally, Robert W. Baird boosted their price target on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate 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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