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

Bank of New York Mellon Corp reduced its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. E Fund Management Co. Ltd. grew its holdings in Micron Technology by 31.8% during the 4th 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 in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Micron Technology by 43.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock valued at $1,193,000 after buying an additional 4,264 shares in the last quarter. Landscape Capital Management L.L.C. grew its holdings in Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock valued at $3,851,000 after buying an additional 28,621 shares in the last quarter. Duquesne Family Office LLC purchased a new position in Micron Technology during the 4th quarter valued at about $34,412,000. Finally, Janus Henderson Group PLC grew its holdings 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 in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MU. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a report on Wednesday, March 26th. Raymond James Financial lifted their target price on Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Wedbush lifted their target price on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, TD Cowen boosted their price objective on Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and an average target price of $146.21.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the sale, the executive vice president directly owned 148,167 shares of the company's stock, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction 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. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock valued at $31,154,717 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Down 1.9%

MU stock traded down $2.37 during midday trading on Monday, hitting $119.92. The company had a trading volume of 19,115,103 shares, compared to its average volume of 23,291,228. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $136.50. The stock's 50 day moving average price is $104.39 and its 200 day moving average price is $95.06. The stock has a market cap of $134.20 billion, a price-to-earnings ratio of 21.61 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the prior year, the company earned $0.62 earnings per share. As a group, equities research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

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.