Gateway Investment Advisers LLC Sells 309,926 Shares of Micron Technology, Inc. (NASDAQ:MU)

Posted by Defense World Staff on Jun 23rd, 2023

Gateway Investment Advisers LLC trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 80.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,105 shares of the semiconductor manufacturer’s stock after selling 309,926 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Micron Technology were worth $4,471,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. River & Mercantile Asset Management LLP grew its position in shares of Micron Technology by 71.6% in the 3rd quarter. River & Mercantile Asset Management LLP now owns 28,742 shares of the semiconductor manufacturer’s stock valued at $1,440,000 after purchasing an additional 11,990 shares during the period. Handelsbanken Fonder AB grew its position in shares of Micron Technology by 20.7% in the 4th quarter. Handelsbanken Fonder AB now owns 279,204 shares of the semiconductor manufacturer’s stock valued at $13,955,000 after purchasing an additional 47,959 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Micron Technology by 2.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 60,664 shares of the semiconductor manufacturer’s stock valued at $3,032,000 after purchasing an additional 1,174 shares during the period. Courier Capital LLC grew its position in shares of Micron Technology by 24.1% in the 4th quarter. Courier Capital LLC now owns 10,563 shares of the semiconductor manufacturer’s stock valued at $528,000 after purchasing an additional 2,048 shares during the period. Finally, Yousif Capital Management LLC lifted its stake in Micron Technology by 2.7% in the 4th quarter. Yousif Capital Management LLC now owns 182,746 shares of the semiconductor manufacturer’s stock valued at $9,134,000 after acquiring an additional 4,831 shares in the last quarter. 80.27% of the stock is owned by institutional investors.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $66.25 on Friday. The company has a 50-day simple moving average of $65.01 and a 200-day simple moving average of $59.98. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $74.77. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.62 and a current ratio of 4.17. The stock has a market capitalization of $72.28 billion, a price-to-earnings ratio of 47.66 and a beta of 1.39.

Micron Technology (NASDAQ:MU – Get Rating) last issued its quarterly earnings results on Tuesday, March 28th. The semiconductor manufacturer reported ($1.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($1.16). Micron Technology had a return on equity of 3.98% and a net margin of 6.99%. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.71 billion. During the same quarter last year, the firm earned $2.05 earnings per share. The company’s revenue was down 52.6% compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post -5.28 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 25th. Stockholders of record on Monday, April 10th were paid a dividend of $0.115 per share. The ex-dividend date was Thursday, April 6th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.69%. Micron Technology’s dividend payout ratio (DPR) is 33.09%.

Insider Transactions at Micron Technology

In related news, Director Richard M. Beyer sold 4,000 shares of Micron Technology stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $59.88, for a total transaction of $239,520.00. Following the transaction, the director now owns 95,660 shares in the company, valued at approximately $5,728,120.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Richard M. Beyer sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $59.88, for a total value of $239,520.00. Following the completion of the sale, the director now owns 95,660 shares of the company’s stock, valued at approximately $5,728,120.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $70.00, for a total transaction of $1,400,000.00. Following the sale, the executive vice president now directly owns 188,340 shares of the company’s stock, valued at approximately $13,183,800. The disclosure for this sale can be found here. Insiders sold a total of 44,000 shares of company stock valued at $2,902,320 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price objective on Micron Technology from $59.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, March 30th. TD Cowen raised their price objective on Micron Technology from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, March 29th. VNET Group reiterated a “maintains” rating on shares of Micron Technology in a research report on Monday, June 5th. Evercore ISI raised their price objective on Micron Technology from $65.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, March 27th. Finally, New Street Research raised their price objective on Micron Technology from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, April 13th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.38.

Micron Technology Company Profile

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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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.