Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Primecap Management Co. CA

Key Points

• Primecap Management Co. CA reduced its holdings in Micron Technology by 0.8%, now owning just over 37 million shares, making it the 6th largest position in their portfolio.
• Several brokerages have raised their price targets for Micron Technology, with JPMorgan Chase setting a target of $165.00, indicating strong positive sentiment among analysts.
• Micron Technology recently announced a quarterly dividend of $0.115 per share, reflecting a 0.4% dividend yield and a payout ratio of 8.29%.

Primecap Management Co. CA lowered its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,280,768 shares of the semiconductor manufacturer's stock after selling 315,693 shares during the quarter. Micron Technology makes up approximately 2.7% of Primecap Management Co. CA's investment portfolio, making the stock its 6th largest position. Primecap Management Co. CA owned approximately 3.34% of Micron Technology worth $3,239,326,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MU. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the fourth quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology during the first quarter worth approximately $33,000. AllSquare Wealth Management LLC increased its position in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology during the first quarter worth approximately $36,000. Finally, Roxbury Financial LLC increased its position in Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Price Performance

Shares of MU stock traded up $3.09 during trading on Thursday, hitting $111.87. The company had a trading volume of 18,953,427 shares, compared to its average volume of 21,117,796. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The firm has a market capitalization of $125.20 billion, a P/E ratio of 20.16 and a beta of 1.37. The stock's 50-day moving average price is $115.46 and its 200 day moving average price is $98.13. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) 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 analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the previous year, the company posted $0.62 earnings per share. Equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity

In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of the company'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 completion of the sale, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total value of $291,557.12. Following the sale, the director owned 22,550 shares of the company's stock, valued at $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 286,042 shares of company stock valued at $34,679,277. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MU shares. Raymond James Financial boosted their price target on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Rosenblatt Securities boosted their price target on Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Bank of America boosted their price target on Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Mizuho boosted their price target on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Finally, Needham & Company LLC boosted their price target on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

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.