Mitsubishi UFJ Asset Management UK Ltd. Decreases Stake in Micron Technology, Inc. $MU

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in Micron Technology, Inc. by 90.0%, holding only 1,000 shares after selling 9,000 shares during the second quarter.
• In recent analyst reports, various firms have raised their target prices for Micron Technology, with Cantor Fitzgerald raising it from $185.00 to $200.00 and Barclays from $140.00 to $175.00.
• Micron Technology announced a quarterly dividend of $0.115 per share, which will be paid on October 21st, representing a 0.3% dividend yield.

Mitsubishi UFJ Asset Management UK Ltd. cut its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 90.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,000 shares of the semiconductor manufacturer's stock after selling 9,000 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Micron Technology were worth $123,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the first quarter valued at approximately $33,000. AllSquare Wealth Management LLC boosted its stake in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Micron Technology in the first quarter valued at approximately $36,000. Harbor Investment Advisory LLC boosted its stake in shares of Micron Technology by 240.0% in the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Saudi Central Bank purchased a new stake in shares of Micron Technology in the first quarter valued at approximately $38,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Erste Group Bank assumed coverage on Micron Technology in a research report on Thursday, August 14th. They set a "buy" rating on the stock. Cantor Fitzgerald boosted their target price on Micron Technology from $185.00 to $200.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 24th. Barclays boosted their target price on Micron Technology from $140.00 to $175.00 and gave the stock an "overweight" rating in a research report on Friday, September 19th. Needham & Company LLC boosted their target price on Micron Technology from $150.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, The Goldman Sachs Group boosted their target price on Micron Technology from $130.00 to $145.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $184.77.

Insider Buying and Selling

In other news, Director Richard M. Beyer sold 5,552 shares of the company's stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $155.68, for a total value of $864,335.36. Following the sale, the director directly owned 96,031 shares in the company, valued at $14,950,106.08. This represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 13,798 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $162.20, for a total value of $2,238,035.60. Following the completion of the sale, the chief executive officer owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,456 shares of company stock valued at $10,524,945 over the last three months. Insiders own 0.30% of the company's stock.

Micron Technology Stock Up 2.1%

Shares of NASDAQ:MU opened at $167.39 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $170.45. The stock's fifty day simple moving average is $130.47 and its 200-day simple moving average is $109.05. The company has a market capitalization of $187.33 billion, a P/E ratio of 22.05, a P/E/G ratio of 0.36 and a beta of 1.47.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology's dividend payout ratio is currently 6.06%.

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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