Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Sit Investment Associates Inc.

Sit Investment Associates Inc. trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 72,490 shares of the semiconductor manufacturer's stock after selling 4,575 shares during the period. Sit Investment Associates Inc.'s holdings in Micron Technology were worth $6,299,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MU. Capital World Investors raised its holdings in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. Capital Research Global Investors raised its holdings in shares of Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Capital International Investors raised its holdings in shares of Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Micron Technology by 198.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock worth $550,903,000 after purchasing an additional 4,352,225 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $369,191,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MU shares. Bank of America raised their price objective on Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, June 26th. Wedbush raised 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. The Goldman Sachs Group assumed coverage on Micron Technology in a report on Thursday, July 10th. They set a "neutral" rating and a $130.00 target price on the stock. Erste Group Bank assumed coverage on Micron Technology in a report on Thursday. They set a "buy" rating on the stock. Finally, TD Cowen raised their target price on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $147.24.

Insider Activity at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven J. Gomo sold 7,000 shares of the business's 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 sale, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock valued at $34,679,277 over the last ninety days. Company insiders own 0.30% of the company's stock.

Micron Technology Trading Up 0.8%

Shares of MU stock opened at $125.29 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The stock has a fifty day moving average of $117.77 and a two-hundred day moving average of $98.83. The firm has a market capitalization of $140.21 billion, a PE ratio of 22.57 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share 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 analyst estimates 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 firm posted $0.62 earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. Micron Technology's payout ratio is 8.29%.

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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