Zurcher Kantonalbank Zurich Cantonalbank Sells 399,934 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Zurcher Kantonalbank reduced its stake in Micron Technology by 35.3%, selling approximately 399,934 shares during the first quarter and now owns about 0.07% of the company valued at $63.7 million.
• Micron Technology reported quarterly earnings of $1.91 EPS, surpassing analysts' estimates of $1.57 EPS, with revenues totaling $9.3 billion for the quarter.
• The company declared a quarterly dividend of $0.115 per share, resulting in an annualized dividend of $0.46 and a yield of 0.41%.

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 35.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 733,441 shares of the semiconductor manufacturer's stock after selling 399,934 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.07% of Micron Technology worth $63,729,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology during the first quarter worth about $33,000. AllSquare Wealth Management LLC increased its stake in shares of 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 acquiring an additional 200 shares during the period. Hurley Capital LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $37,000. Finally, Roxbury Financial LLC increased its stake in shares of 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 acquiring an additional 300 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Micron Technology

In related news, EVP Sumit Sadana sold 92,638 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the transaction, the executive vice president directly owned 201,326 shares of the company's stock, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction dated 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 completion of the sale, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 288,446 shares of company stock worth $34,871,597 in the last quarter. Company insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $1.91 during midday trading on Wednesday, hitting $113.87. 7,791,251 shares of the company were exchanged, compared to its average volume of 23,208,477. 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 firm has a market cap of $127.43 billion, a P/E ratio of 20.50 and a beta of 1.35. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $129.85. The firm has a 50 day simple moving average of $113.47 and a 200-day simple moving average of $97.72.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the previous year, the company posted $0.62 EPS. Research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. Micron Technology's dividend payout ratio is presently 8.29%.

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Arete Research raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Raymond James Financial upped their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Mizuho upped their price target on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. JPMorgan Chase & Co. upped their price target on shares of Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Finally, The Goldman Sachs Group began coverage on shares of Micron Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $130.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently 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.