Covestor Ltd Lowers Position in Micron Technology, Inc. (NASDAQ:MU)

Covestor Ltd lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 83.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 560 shares of the semiconductor manufacturer’s stock after selling 2,731 shares during the period. Covestor Ltd’s holdings in Micron Technology were worth $58,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Atria Investments Inc raised its holdings in shares of Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after acquiring an additional 93 shares in the last quarter. Aspect Partners LLC increased its position in shares of Micron Technology by 39.8% during the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after purchasing an additional 94 shares during the last quarter. Ameritas Advisory Services LLC increased its position in shares of Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after purchasing an additional 98 shares during the last quarter. LRI Investments LLC increased its position in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares during the last quarter. Finally, E&G Advisors LP increased its position in shares of Micron Technology by 5.2% during the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock valued at $265,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 0.7 %

MU opened at $99.18 on Friday. The stock has a market cap of $109.96 billion, a PE ratio of 145.86 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $100.93 and a 200-day moving average of $112.94. Micron Technology, Inc. has a 52 week low of $72.93 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.21) earnings per share. Equities research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Monday, October 7th. Micron Technology’s payout ratio is 67.65%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MU has been the topic of several recent research reports. Bank of America increased their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Needham & Company LLC reiterated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Rosenblatt Securities raised their price target on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird reduced their price target on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, September 27th. Finally, China Renaissance initiated coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

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.