Zweig DiMenna Associates LLC Cuts Stake in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Zweig DiMenna Associates LLC sold 116,349 shares of Micron Technology, reducing its position by 72.3%, and now owns 44,500 shares valued at approximately $3.87 million.
• Micron Technology's latest earnings report exceeded expectations, with an EPS of $1.91 against a consensus estimate of $1.57, and generated $9.30 billion in revenue for the quarter.
• The company declared a quarterly dividend of $0.115 per share, representing a 0.41% yield, with a payout ratio of just 8.29%.

Zweig DiMenna Associates LLC trimmed its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 72.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,500 shares of the semiconductor manufacturer's stock after selling 116,349 shares during the period. Zweig DiMenna Associates LLC's holdings in Micron Technology were worth $3,867,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Sunbeam Capital Management LLC acquired a new stake in Micron Technology in the 4th quarter valued at $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology during the 1st quarter valued at about $33,000. Roxbury Financial LLC lifted its stake in shares of 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 purchasing an additional 300 shares during the period. AllSquare Wealth Management LLC raised its position 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 purchasing an additional 200 shares during the period. Finally, Hurley Capital LLC acquired a new stake in Micron Technology during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Price Performance

Micron Technology stock traded down $0.47 during midday trading on Friday, hitting $111.26. 16,240,251 shares of the company's stock were exchanged, compared to its average volume of 22,703,478. The stock has a 50-day moving average price of $112.94 and a two-hundred day moving average price of $97.56. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85. 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 company has a market cap of $124.51 billion, a P/E ratio of 20.05 and a beta of 1.35.

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 analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same period in the prior year, the business posted $0.62 earnings per share. On average, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed 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. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Monday, July 7th. Micron Technology's payout ratio is 8.29%.

Wall Street Analyst Weigh In

Several brokerages have commented on MU. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Micron Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $150.00 price target on the stock. Wells Fargo & Company lifted their target price on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Morgan Stanley lifted their target price on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Barclays boosted their target price on shares of Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,446 shares of company stock worth $34,871,597 over the last quarter. Corporate insiders own 0.30% of the company's stock.

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.