MAI Capital Management Sells 55,501 Shares of Micron Technology, Inc. (NASDAQ:MU)

MAI Capital Management trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 76.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,008 shares of the semiconductor manufacturer's stock after selling 55,501 shares during the period. MAI Capital Management's holdings in Micron Technology were worth $1,764,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MU. Hobbs Group Advisors LLC bought a new stake in Micron Technology in the 2nd quarter valued at about $28,000. Highline Wealth Partners LLC bought a new stake in Micron Technology in the 3rd quarter valued at about $26,000. Richard W. Paul & Associates LLC lifted its position in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 144 shares during the last quarter. LRI Investments LLC lifted its position in Micron Technology by 57.2% in 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, Davis Capital Management bought a new stake in Micron Technology in the 3rd quarter valued at about $30,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company's stock, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $150.00 price objective on shares of Micron Technology in a research report on Tuesday, October 1st. Susquehanna dropped their price target on shares of Micron Technology from $175.00 to $165.00 and set a "positive" rating on the stock in a research report on Thursday, September 26th. Raymond James boosted their price target on shares of Micron Technology from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Thursday, September 26th. BNP Paribas downgraded shares of Micron Technology from an "outperform" rating to an "underperform" rating and dropped their price target for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Robert W. Baird dropped their price target on shares of Micron Technology from $172.00 to $150.00 and set an "outperform" rating on the stock in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $143.04.

Micron Technology Stock Up 0.4 %

NASDAQ MU traded up $0.37 during trading on Thursday, reaching $98.74. The company's stock had a trading volume of 5,010,662 shares, compared to its average volume of 21,489,313. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $109.48 billion, a PE ratio of 145.21 and a beta of 1.18. The business has a 50-day moving average price of $101.93 and a 200-day moving average price of $112.42. Micron Technology, Inc. has a 1-year low of $72.93 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.65 billion. During the same period in the previous year, the company earned ($1.21) earnings per share. Micron Technology's revenue for the quarter was up 93.3% on a year-over-year basis. On average, research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's payout ratio is 67.65%.

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 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.