Micron Technology, Inc. $MU Shares Sold by Platinum Investment Management Ltd.

Key Points

• Platinum Investment Management Ltd. has reduced its stake in Micron Technology by 40.2%, selling 376,377 shares, now holding 560,437 shares worth approximately $69 million.
• Several institutions have increased their positions in Micron Technology, with Brighton Jones LLC raising its stake by 18.3% and Harbor Investment Advisory LLC increasing theirs by 240.0%.
• Analysts have raised their price targets for Micron Technology, with Wolfe Research and UBS Group setting targets of $180.00 and $195.00, respectively, indicating a positive outlook on the stock.

Platinum Investment Management Ltd. reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 40.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 560,437 shares of the semiconductor manufacturer's stock after selling 376,377 shares during the quarter. Micron Technology accounts for 4.6% of Platinum Investment Management Ltd.'s portfolio, making the stock its 9th largest position. Platinum Investment Management Ltd. owned about 0.05% of Micron Technology worth $69,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in MU. Brighton Jones LLC increased its position in shares of Micron Technology by 18.3% during the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after purchasing an additional 976 shares in the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of Micron Technology by 240.0% during the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares in the last quarter. Merit Financial Group LLC increased its holdings in Micron Technology by 22.6% during the 1st quarter. Merit Financial Group LLC now owns 19,475 shares of the semiconductor manufacturer's stock valued at $1,692,000 after purchasing an additional 3,593 shares in the last quarter. HBW Advisory Services LLC acquired a new stake in Micron Technology during the 1st quarter valued at $281,000. Finally, Romano Brothers AND Company acquired a new stake in Micron Technology during the 1st quarter valued at $497,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the business'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 completion of the transaction, the director owned 20,146 shares in the company, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,456 shares of company stock valued at $10,524,945 over the last 90 days. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wolfe Research raised their price objective on shares of Micron Technology from $160.00 to $180.00 and gave the company an "outperform" rating in a research report on Wednesday, September 17th. UBS Group raised their price target on shares of Micron Technology from $185.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Barclays raised their price target on shares of Micron Technology from $140.00 to $175.00 and gave the company an "overweight" rating in a report on Friday, September 19th. KeyCorp lifted their target price on Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Finally, TD Cowen lifted their target price on Micron Technology from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $184.77.

Micron Technology Stock Up 8.9%

Shares of Micron Technology stock opened at $182.15 on Thursday. The company has a quick ratio of 1.79, a current ratio of 2.52 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 $182.39. The business has a fifty day simple moving average of $131.92 and a 200 day simple moving average of $109.55. The stock has a market cap of $203.85 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 0.37 and a beta of 1.56.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology's payout ratio is presently 6.06%.

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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