Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management Inc. has reduced its stake in Micron Technology by 82.5%, selling 29,814 shares and leaving it with 6,328 shares valued at $550,000.
• Several hedge funds, including Sunbeam Capital Management and Opal Wealth Advisors, have recently initiated or expanded their positions in Micron Technology, showing a significant interest from institutional investors.
• Wall Street analysts have raised target prices for Micron Technology, with ratings varying from "buy" to "outperform," and a consensus target price now at $146.44.

Meeder Asset Management Inc. trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 82.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,328 shares of the semiconductor manufacturer's stock after selling 29,814 shares during the period. Meeder Asset Management Inc.'s holdings in Micron Technology were worth $550,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Twin Capital Management Inc. grew its holdings in shares of Micron Technology by 0.5% during the fourth 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 in the last quarter. Cim Investment Management Inc. boosted its stake in shares of Micron Technology by 0.5% in the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after purchasing an additional 114 shares in the last quarter. Sunpointe LLC raised its position in Micron Technology by 4.0% in the 1st quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock worth $300,000 after purchasing an additional 131 shares during the period. Foundations Investment Advisors LLC lifted its stake in Micron Technology by 2.1% in the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after purchasing an additional 138 shares during the last quarter. Finally, Carson Advisory Inc. boosted its position in Micron Technology by 1.6% during the fourth quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock valued at $723,000 after buying an additional 139 shares during the period. Institutional investors own 80.84% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Cantor Fitzgerald increased their target price on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Arete Research raised Micron Technology to a "strong-buy" rating in a research note on Friday, July 18th. Bank of America upped their price target on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Finally, KeyCorp boosted their target price on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Price Performance

MU stock traded up $2.78 during midday trading on Wednesday, hitting $114.74. The company's stock had a trading volume of 16,274,086 shares, compared to its average volume of 20,775,666. The company has a 50 day moving average of $113.85 and a two-hundred day moving average of $97.84. 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 firm has a market capitalization of $128.41 billion, a price-to-earnings ratio of 20.67 and a beta of 1.35. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) 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 period last year, the company earned $0.62 EPS. On average, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Insiders Place Their Bets

In other news, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the company'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 transaction of $876,050.00. Following the transaction, the director owned 22,762 shares in the company, valued at $2,848,664.30. The trade was a 23.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 288,446 shares of company stock worth $34,871,597. 0.30% of the stock is owned by corporate insiders.

Micron Technology Company 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.