Huntington National Bank Sells 119,099 Shares of Micron Technology, Inc. (NASDAQ:MU)

Huntington National Bank cut its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 51.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 112,479 shares of the semiconductor manufacturer's stock after selling 119,099 shares during the period. Huntington National Bank's holdings in Micron Technology were worth $9,466,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MU. Benjamin Edwards Inc. acquired a new position in shares of Micron Technology during the third quarter valued at $600,000. Cinctive Capital Management LP bought a new position in shares of Micron Technology in the 3rd quarter worth $1,544,000. Hilltop Holdings Inc. boosted its position in shares of Micron Technology by 337.1% in the 3rd quarter. Hilltop Holdings Inc. now owns 10,710 shares of the semiconductor manufacturer's stock worth $1,111,000 after purchasing an additional 8,260 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Micron Technology by 6.4% during the third quarter. Janus Henderson Group PLC now owns 1,516,256 shares of the semiconductor manufacturer's stock worth $157,243,000 after purchasing an additional 91,469 shares during the period. Finally, Investment Management Corp of Ontario increased its holdings in Micron Technology by 18.2% in the third quarter. Investment Management Corp of Ontario now owns 36,759 shares of the semiconductor manufacturer's stock valued at $3,812,000 after purchasing an additional 5,662 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

MU has been the subject of several analyst reports. Piper Sandler decreased their target price on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. KGI Securities upgraded shares of Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Royal Bank of Canada set a $125.00 target price on shares of Micron Technology in a research note on Wednesday, March 19th. Wedbush reissued an "outperform" rating and set a $125.00 price target on shares of Micron Technology in a research report on Monday, March 17th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $129.76.

Micron Technology Trading Down 16.1 %

Shares of Micron Technology stock traded down $14.26 during trading on Thursday, hitting $74.34. The company's stock had a trading volume of 44,680,525 shares, compared to its average volume of 22,727,681. The stock has a market cap of $83.08 billion, a price-to-earnings ratio of 21.42 and a beta of 1.23. Micron Technology, Inc. has a 52 week low of $74.26 and a 52 week high of $157.54. The stock has a 50-day moving average price of $94.19 and a two-hundred day moving average price of $98.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business's quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.62%. Micron Technology's dividend payout ratio (DPR) is currently 11.03%.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

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.