Picton Mahoney Asset Management Has $7.35 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Picton Mahoney Asset Management reduced its holdings in Micron Technology by 8.9%, selling 8,304 shares during the first quarter, leaving them with a total of 84,633 shares valued at $7,353,000.
• Micron Technology reported a quarterly earnings per share of $1.91, surpassing analysts' expectations of $1.57, alongside a revenue of $9.30 billion compared to the consensus estimate of $8.83 billion.
• Several Wall Street analysts have raised their price targets for Micron Technology, with targets ranging from $140 to $165, indicating a generally optimistic outlook on the company's stock performance.

Picton Mahoney Asset Management cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 84,633 shares of the semiconductor manufacturer's stock after selling 8,304 shares during the period. Picton Mahoney Asset Management's holdings in Micron Technology were worth $7,353,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the 4th quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology during the first quarter valued at approximately $33,000. Roxbury Financial LLC lifted its position in Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after acquiring an additional 300 shares in the last quarter. AllSquare Wealth Management LLC lifted its position in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares in the last quarter. Finally, Hurley Capital LLC bought a new position in Micron Technology during the fourth quarter worth about $37,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Up 2.5%

Shares of MU stock traded up $2.78 during mid-day trading on Wednesday, hitting $114.74. 16,274,086 shares of the company's stock were exchanged, compared to its average volume of 20,775,666. The stock has a market cap of $128.41 billion, a price-to-earnings ratio of 20.67 and a beta of 1.35. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $113.85 and a two-hundred day simple moving average of $97.84.

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

Micron Technology Announces Dividend

The company also recently declared 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. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Insider Buying and Selling

In other news, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at $28,864,415.52. The trade was a 11.41% 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, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 288,446 shares of company stock worth $34,871,597. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MU shares. Wedbush boosted their price target on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. KGI Securities downgraded Micron Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 23rd. Arete Research upgraded Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Susquehanna raised their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research note on Thursday, June 26th. Finally, Morgan Stanley upped their price target on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $146.44.

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.