PFG Investments LLC Has $2.52 Million Stock Holdings in Micron Technology, Inc. $MU

Key Points

• PFG Investments LLC reduced its stake in Micron Technology, Inc. by 17%, holding 20,462 shares worth $2.52 million at the end of the second quarter.
• Insider trading revealed that directors sold a total of 79,456 shares worth approximately $10.5 million over the last three months.
• Micron recently announced a quarterly dividend of $0.115 per share, with an ex-dividend date set for October 3rd.

PFG Investments LLC trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 17.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,462 shares of the semiconductor manufacturer's stock after selling 4,201 shares during the quarter. PFG Investments LLC's holdings in Micron Technology were worth $2,522,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MU. Opal Wealth Advisors LLC acquired a new position in Micron Technology in the 1st quarter valued at approximately $33,000. AllSquare Wealth Management LLC increased its position in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after acquiring an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology in the 1st quarter valued at approximately $36,000. Harbor Investment Advisory LLC increased its position in Micron Technology by 240.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock valued at $37,000 after acquiring an additional 300 shares during the period. Finally, Saudi Central Bank acquired a new position in Micron Technology in the 1st quarter valued at approximately $38,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

In related news, Director Richard M. Beyer sold 5,552 shares of the firm's stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $155.68, for a total transaction of $864,335.36. Following the completion of the sale, the director owned 96,031 shares in the company, valued at approximately $14,950,106.08. This trade represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the sale, the director owned 20,146 shares of the company's stock, valued at $2,330,287.82. This trade represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,456 shares of company stock worth $10,524,945. 0.30% of the stock is currently owned by corporate insiders.

Micron Technology Stock Performance

Shares of MU stock opened at $167.39 on Wednesday. The firm has a 50-day moving average of $130.47 and a 200-day moving average of $109.05. The company has a market cap 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. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $170.45.

Micron Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MU shares. Erste Group Bank assumed coverage on shares of Micron Technology in a research report on Thursday, August 14th. They issued a "buy" rating for the company. Piper Sandler upped their price objective on shares of Micron Technology from $165.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Needham & Company LLC upped their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. The Goldman Sachs Group upped their price objective on shares of Micron Technology from $130.00 to $145.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Finally, Stifel Nicolaus increased their target price on shares of Micron Technology from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $184.77.

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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