Bank of New York Mellon Corp Reduces Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Bank of New York Mellon Corp lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,881,096 shares of the semiconductor manufacturer's stock after selling 75,215 shares during the period. Bank of New York Mellon Corp owned 0.88% of Micron Technology worth $858,568,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. E Fund Management Co. Ltd. grew its stake in shares of Micron Technology by 31.8% during the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock valued at $3,062,000 after buying an additional 8,780 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in Micron Technology by 43.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after acquiring an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. raised its holdings in Micron Technology by 167.0% in the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after acquiring an additional 28,621 shares during the last quarter. Duquesne Family Office LLC purchased a new stake in Micron Technology during the 4th quarter valued at $34,412,000. Finally, Janus Henderson Group PLC raised its stake in Micron Technology by 74.6% during the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock valued at $222,779,000 after buying an additional 1,130,680 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Analysts Set New Price Targets

MU has been the subject of several recent analyst reports. Wedbush upped their target price on shares of Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Needham & Company LLC upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Piper Sandler raised their target price on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Susquehanna raised their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research note on Thursday, June 26th. Finally, Mizuho raised their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.21.

Micron Technology Trading Up 0.2%

Micron Technology stock traded up $0.29 during mid-day trading on Friday, hitting $122.03. 13,247,931 shares of the stock were exchanged, compared to its average volume of 23,307,873. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $136.50. The firm's fifty day simple moving average is $103.57 and its two-hundred day simple moving average is $94.86. The stock has a market capitalization of $136.56 billion, a price-to-earnings ratio of 21.99 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the firm posted $0.62 EPS. Analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the sale, the executive vice president owned 148,167 shares of the company's stock, valued at approximately $18,538,655.04. This trade represents a 9.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven J. Gomo sold 7,000 shares of Micron Technology 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 completion of the sale, the director directly owned 22,762 shares in the company, valued at approximately $2,848,664.30. The trade was a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,446 shares of company stock valued at $31,154,717 in the last 90 days. Corporate insiders own 0.30% of the company's stock.

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.