Sequoia Financial Advisors LLC reduced its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,002 shares of the semiconductor manufacturer’s stock after selling 326 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Micron Technology were worth $966,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Micron Technology by 411.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,274,070 shares of the semiconductor manufacturer’s stock worth $763,398,000 after purchasing an additional 12,286,893 shares during the period. Morgan Stanley lifted its holdings in shares of Micron Technology by 59.2% during the fourth quarter. Morgan Stanley now owns 14,185,790 shares of the semiconductor manufacturer’s stock worth $709,006,000 after purchasing an additional 5,274,984 shares during the period. Norges Bank acquired a new stake in shares of Micron Technology during the fourth quarter worth $581,559,000. Parnassus Investments LLC lifted its holdings in shares of Micron Technology by 1.0% during the fourth quarter. Parnassus Investments LLC now owns 7,868,920 shares of the semiconductor manufacturer’s stock worth $393,289,000 after purchasing an additional 77,147 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Micron Technology by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,985,403 shares of the semiconductor manufacturer’s stock valued at $299,150,000 after acquiring an additional 133,281 shares during the period. 80.27% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $70.00, for a total transaction of $1,400,000.00. Following the transaction, the executive vice president now directly owns 188,340 shares of the company’s stock, valued at approximately $13,183,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $70.00, for a total transaction of $1,400,000.00. Following the transaction, the executive vice president now directly owns 188,340 shares of the company’s stock, valued at approximately $13,183,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard M. Beyer sold 4,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $59.88, for a total value of $239,520.00. Following the sale, the director now owns 95,660 shares in the company, valued at $5,728,120.80. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Micron Technology Stock Up 3.0 %
Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings data on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) earnings per share for the quarter, beating the consensus estimate of ($1.61) by $0.18. The business had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.65 billion. Micron Technology had a negative return on equity of 5.40% and a negative net margin of 16.02%. The company’s revenue was down 56.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.50 EPS. On average, research analysts expect that Micron Technology, Inc. will post -5.11 earnings per share for the current year.
Micron Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Monday, July 10th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend is Friday, July 7th. Micron Technology’s dividend payout ratio is currently -17.16%.
Analyst Ratings Changes
MU has been the subject of a number of recent analyst reports. Wedbush raised their target price on Micron Technology from $65.00 to $80.00 in a report on Monday, June 26th. Bank of America raised their target price on Micron Technology from $68.00 to $76.00 in a report on Thursday, June 29th. Raymond James raised their target price on Micron Technology from $70.00 to $76.00 in a report on Thursday, June 29th. BMO Capital Markets raised their target price on Micron Technology from $67.00 to $80.00 in a report on Friday, May 26th. Finally, Susquehanna raised their target price on Micron Technology from $65.00 to $90.00 and gave the company a “positive” rating in a report on Wednesday, March 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.21.
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 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.
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