Matthews International Capital Management LLC Sells 26,965 Shares of Micron Technology, Inc. (NASDAQ:MU)

Matthews International Capital Management LLC cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,040 shares of the semiconductor manufacturer's stock after selling 26,965 shares during the quarter. Micron Technology accounts for about 0.8% of Matthews International Capital Management LLC's holdings, making the stock its 24th biggest holding. Matthews International Capital Management LLC's holdings in Micron Technology were worth $3,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of MU. Sunbeam Capital Management LLC bought a new stake in Micron Technology during the fourth quarter worth about $26,000. Midwest Capital Advisors LLC bought a new stake in Micron Technology in the 4th quarter worth approximately $33,000. Opal Wealth Advisors LLC bought a new stake in Micron Technology in the 1st quarter worth approximately $33,000. Curio Wealth LLC bought a new stake in Micron Technology in the 4th quarter worth approximately $34,000. Finally, Hurley Capital LLC bought a new stake in Micron Technology in the 4th quarter worth approximately $37,000. 80.84% of the stock is currently owned by institutional investors.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares of the company's stock, valued at approximately $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,404 shares of company stock valued at $5,572,867. Corporate insiders own 0.30% of the company's stock.

Analyst Ratings Changes

MU has been the subject of a number of recent research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Wells Fargo & Company reissued an "equal weight" rating on shares of Micron Technology in a research note on Monday, April 28th. Mizuho boosted their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Morgan Stanley lowered their target price on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.00.

Micron Technology Stock Up 1.2%

Shares of NASDAQ MU opened at $121.82 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.41. The firm has a market capitalization of $136.14 billion, a PE ratio of 29.21 and a beta of 1.28. The firm has a fifty day simple moving average of $91.01 and a two-hundred day simple moving average of $93.07.

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

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.

Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.