Micron Technology, Inc. $MU Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp reduced its stake in Micron Technology by 2.0%, owning 175,674 shares valued at approximately $21.65 million after selling 3,540 shares in the second quarter.
• Insider trading was notable with EVP Manish H. Bhatia selling 80,000 shares valued at nearly $9.85 million, representing a significant 22.53% decrease in his position.
• Analyst ratings indicate that Micron Technology has a Moderate Buy consensus with a target price averaging around $184.77, with two analysts rating it as a Strong Buy.

Fifth Third Bancorp lessened its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 2.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 175,674 shares of the semiconductor manufacturer's stock after selling 3,540 shares during the period. Fifth Third Bancorp's holdings in Micron Technology were worth $21,652,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MU. HMS Capital Management LLC raised its holdings in shares of Micron Technology by 0.6% in the 2nd quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer's stock valued at $2,375,000 after buying an additional 107 shares during the period. D.B. Root & Company LLC increased its stake in Micron Technology by 3.7% during the first quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock worth $262,000 after purchasing an additional 108 shares during the period. Werlinich Asset Management LLC lifted its position in shares of Micron Technology by 1.1% during the second quarter. Werlinich Asset Management LLC now owns 10,685 shares of the semiconductor manufacturer's stock worth $1,317,000 after purchasing an additional 115 shares in the last quarter. Rise Advisors LLC boosted its stake in shares of Micron Technology by 5.3% in the first quarter. Rise Advisors LLC now owns 2,373 shares of the semiconductor manufacturer's stock valued at $206,000 after purchasing an additional 120 shares during the period. Finally, Orca Wealth Management LLC grew its holdings in shares of Micron Technology by 1.5% in the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock valued at $737,000 after purchasing an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on MU. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Erste Group Bank initiated coverage on Micron Technology in a research note on Thursday, August 14th. They issued a "buy" rating on the stock. Barclays lifted their target price on Micron Technology from $140.00 to $175.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Wall Street Zen lowered Micron Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, KGI Securities downgraded Micron Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $184.77.

Insider Buying and Selling

In other news, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the transaction, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,946 shares of company stock valued at $32,306,159 over the last ninety days. Company insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $161.71 on Thursday. The stock's 50-day simple moving average is $126.57 and its 200-day simple moving average is $107.07. The firm has a market capitalization of $180.97 billion, a PE ratio of 21.31 and a beta of 1.47. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $170.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 17.69% and a net margin of 22.84%.The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the prior year, the company posted $0.62 earnings per share. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be given a $0.115 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology's payout ratio is 8.29%.

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.

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