Micron Technology, Inc. $MU Stock Position Decreased by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC has decreased its holdings in Micron Technology by 38.1%, now owning 16,986 shares valued at approximately $2,094,000.
• Micron Technology announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, with a yield of 0.2%.
• Recent analyst ratings show a consensus of "Buy" for Micron, with target prices raised by several firms to a range between $175.00 and $195.00.

Belpointe Asset Management LLC lowered its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 38.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,986 shares of the semiconductor manufacturer's stock after selling 10,441 shares during the period. Belpointe Asset Management LLC's holdings in Micron Technology were worth $2,094,000 at the end of the most recent quarter.

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

Micron Technology Price Performance

NASDAQ:MU opened at $190.96 on Tuesday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. The business's 50-day moving average price is $136.49 and its 200 day moving average price is $111.49. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $201.00. The firm has a market cap of $213.71 billion, a P/E ratio of 25.16, a PEG ratio of 0.41 and a beta of 1.56.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology's payout ratio is presently 6.06%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the completion of the sale, the chief executive officer directly owned 310,148 shares in the company, valued at approximately $56,093,367.28. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard M. Beyer sold 5,552 shares of the company's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total value of $864,335.36. Following the completion of the transaction, the director directly owned 96,031 shares in the company, valued at $14,950,106.08. This represents a 5.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,456 shares of company stock valued at $15,698,445 in the last ninety days. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wall Street Zen cut shares of Micron Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Erste Group Bank initiated coverage on Micron Technology in a report on Thursday, August 14th. They issued a "buy" rating for the company. Barclays raised their target price on Micron Technology from $140.00 to $175.00 and gave the company an "overweight" rating in a research report on Friday, September 19th. UBS Group boosted their price target on Micron Technology from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, Raymond James Financial raised their price target on Micron Technology from $150.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $187.08.

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.

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