Micron Technology, Inc. (NASDAQ:MU) Position Cut by Rakuten Securities Inc.

Rakuten Securities Inc. trimmed its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 33.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 27,722 shares of the semiconductor manufacturer's stock after selling 13,690 shares during the quarter. Micron Technology makes up about 1.2% of Rakuten Securities Inc.'s investment portfolio, making the stock its 19th largest holding. Rakuten Securities Inc.'s holdings in Micron Technology were worth $2,409,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Insigneo Advisory Services LLC grew its holdings in Micron Technology by 42.2% during the first quarter. Insigneo Advisory Services LLC now owns 17,793 shares of the semiconductor manufacturer's stock worth $1,546,000 after acquiring an additional 5,280 shares during the period. Blackston Financial Advisory Group LLC purchased a new position in Micron Technology during the 1st quarter valued at about $248,000. Fortitude Advisory Group L.L.C. purchased a new position in Micron Technology during the 1st quarter valued at about $287,000. Grove Bank & Trust grew its stake in Micron Technology by 7.1% during the 1st quarter. Grove Bank & Trust now owns 8,443 shares of the semiconductor manufacturer's stock valued at $734,000 after acquiring an additional 561 shares in the last quarter. Finally, Grimes & Company Inc. lifted its holdings in shares of Micron Technology by 5,335.4% during the 1st quarter. Grimes & Company Inc. now owns 169,422 shares of the semiconductor manufacturer's stock valued at $14,721,000 after buying an additional 166,305 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Activity at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the transaction, the director now directly owns 24,954 shares in the company, valued at approximately $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares of the company's stock, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,904 shares of company stock valued at $4,665,124. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MU. Morgan Stanley reduced their price target on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Micron Technology in a research report on Monday, April 28th. KGI Securities upgraded Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Robert W. Baird boosted their price objective on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Finally, Mizuho increased their price objective on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average price target of $129.00.

Micron Technology Price Performance

Micron Technology stock opened at $119.84 on Tuesday. The business's 50-day simple moving average is $89.28 and its 200 day simple moving average is $92.68. The stock has a market cap of $133.93 billion, a price-to-earnings ratio of 34.54 and a beta of 1.28. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business's revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's payout ratio is currently 11.03%.

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.

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.