Qtron Investments LLC Cuts Stock Holdings in Micron Technology, Inc. $MU

Key Points

• Qtron Investments LLC has reduced its holdings in Micron Technology by 40.6%, selling 5,619 shares to end the quarter with 8,222 shares valued at $714,000.
• Micron Technology's stock has increased by 2.2% recently, and the company reported earnings of $1.91 per share, surpassing analysts' expectations of $1.57.
• Institutional investor activity is significant, with 80.84% of Micron's stock owned by hedge funds, highlighting increased interest or strategic reallocation among investors.

Qtron Investments LLC trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 40.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,222 shares of the semiconductor manufacturer's stock after selling 5,619 shares during the period. Qtron Investments LLC's holdings in Micron Technology were worth $714,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MU. Brooklyn Investment Group boosted its stake in shares of Micron Technology by 10.7% during the first quarter. Brooklyn Investment Group now owns 8,064 shares of the semiconductor manufacturer's stock valued at $701,000 after purchasing an additional 782 shares during the period. Penn Mutual Asset Management purchased a new stake in Micron Technology during the 1st quarter valued at $356,000. Northwest & Ethical Investments L.P. boosted its holdings in shares of Micron Technology by 157.9% during the first quarter. Northwest & Ethical Investments L.P. now owns 4,900 shares of the semiconductor manufacturer's stock worth $425,000 after purchasing an additional 3,000 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in shares of Micron Technology by 181.8% during the first quarter. Steward Partners Investment Advisory LLC now owns 51,583 shares of the semiconductor manufacturer's stock worth $4,482,000 after purchasing an additional 33,275 shares during the period. Finally, Raymond James Financial Inc. boosted its holdings in shares of Micron Technology by 3.1% during the first quarter. Raymond James Financial Inc. now owns 1,664,080 shares of the semiconductor manufacturer's stock worth $144,592,000 after purchasing an additional 49,720 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares in the company, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were 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 approximately $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by corporate insiders.

Micron Technology Stock Up 2.2%

MU stock opened at $123.55 on Tuesday. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The business has a fifty day moving average price of $118.27 and a 200-day moving average price of $99.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The stock has a market capitalization of $138.27 billion, a P/E ratio of 22.26 and a beta of 1.37.

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

Micron Technology Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 0.4%. Micron Technology's payout ratio is currently 8.29%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Mizuho increased their price objective on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. TD Cowen raised their price target on Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Citigroup raised their price target on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Stifel Nicolaus raised their price target on Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $147.24.

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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