Xcel Wealth Management LLC Cuts Stock Holdings in Micron Technology, Inc. $MU

Key Points

• Xcel Wealth Management LLC reduced its stake in Micron Technology by 62.8% in the second quarter, now holding 2,237 shares valued at $276,000.
• Micron Technology reported earnings of $1.91 per share for the last quarter, surpassing estimates by $0.34, with revenue hitting $9.30 billion.
• A recent quarterly dividend of $0.115 has been announced, to be paid on October 21st, reflecting an annualized yield of 0.3%.

Xcel Wealth Management LLC lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 62.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,237 shares of the semiconductor manufacturer's stock after selling 3,776 shares during the quarter. Xcel Wealth Management LLC's holdings in Micron Technology were worth $276,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter worth $33,000. AllSquare Wealth Management LLC boosted its holdings 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 purchasing an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in Micron Technology in the 1st quarter worth about $36,000. Roxbury Financial LLC increased its stake 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 buying an additional 300 shares during the last quarter. Finally, Harbor Investment Advisory LLC lifted its position in shares of Micron Technology by 240.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Trading Down 2.8%

Shares of Micron Technology stock opened at $161.71 on Thursday. The stock has a market capitalization of $180.97 billion, a P/E ratio of 21.31 and a beta of 1.47. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $170.45. 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 stock's 50-day simple moving average is $126.57 and its 200 day simple moving average is $107.07.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the company earned $0.62 earnings per share. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology's payout ratio is currently 8.29%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald upped their target price on Micron Technology from $185.00 to $200.00 and gave the company an "overweight" rating in a report on Wednesday. Morgan Stanley upped their price objective on Micron Technology from $135.00 to $160.00 and gave the company an "equal weight" rating in a research note on Monday. TD Cowen raised their target price on Micron Technology from $150.00 to $180.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Susquehanna boosted their price target on shares of Micron Technology from $160.00 to $200.00 and gave the stock a "positive" rating in a report on Wednesday, September 17th. Finally, Erste Group Bank started coverage on shares of Micron Technology in a report on Thursday, August 14th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $184.77.

Insider Buying and Selling at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total value of $278,070.68. Following the completion of the transaction, the director directly owned 20,146 shares in the company, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total value of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,946 shares of company stock worth $32,306,159. 0.30% of the stock is owned by insiders.

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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