Matthews International Capital Management LLC Decreases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Matthews International Capital Management LLC trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 38.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 44,040 shares of the semiconductor manufacturer's stock after selling 26,965 shares during the quarter. Micron Technology comprises approximately 0.8% of Matthews International Capital Management LLC's portfolio, making the stock its 24th biggest position. Matthews International Capital Management LLC's holdings in Micron Technology were worth $3,827,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Xcel Wealth Management LLC grew its position in Micron Technology by 1.8% in the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer's stock valued at $518,000 after acquiring an additional 108 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in shares of Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer's stock worth $250,000 after purchasing an additional 108 shares during the last quarter. Twin Capital Management Inc. lifted its stake in shares of Micron Technology by 0.5% during the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after purchasing an additional 108 shares during the last quarter. Cim Investment Management Inc. lifted its stake in shares of Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock worth $1,941,000 after purchasing an additional 114 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its stake in shares of Micron Technology by 1.1% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock worth $883,000 after purchasing an additional 119 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MU has been the topic of several recent analyst reports. Robert W. Baird upped their target price on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Rosenblatt Securities reduced their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Citigroup upped their target price on Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 9th. JPMorgan Chase & Co. reduced their target price on Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Finally, Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $127.92.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 5,210 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the completion of the transaction, the chief executive officer now owns 379,675 shares in the company, valued at approximately $46,073,561.25. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,404 shares of company stock worth $5,572,867. 0.30% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

Micron Technology stock traded up $1.78 during midday trading on Friday, hitting $123.60. 29,228,945 shares of the company were exchanged, compared to its average volume of 23,459,384. The firm has a market capitalization of $138.13 billion, a PE ratio of 29.64 and a beta of 1.28. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $144.07. The business has a fifty day simple moving average of $93.13 and a two-hundred day simple moving average of $93.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.99 and a current ratio of 3.13.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. Micron Technology's revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

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.