Fifth Third Bancorp Trims Position in Micron Technology, Inc. (NASDAQ:MU)

Fifth Third Bancorp cut its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 6.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 177,458 shares of the semiconductor manufacturer's stock after selling 11,702 shares during the quarter. Fifth Third Bancorp's holdings in Micron Technology were worth $14,935,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Highline Wealth Partners LLC purchased a new stake in shares of Micron Technology in the third quarter valued at $26,000. Davis Capital Management bought a new stake in Micron Technology in the third quarter worth about $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Micron Technology in the second quarter worth about $39,000. Stone House Investment Management LLC grew its stake in shares of Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $34,000 after buying an additional 277 shares during the last quarter. Finally, True Wealth Design LLC lifted its stake in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after acquiring an additional 296 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Micron Technology from $175.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald cut their price target on Micron Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Bank of America downgraded shares of Micron Technology from a "buy" rating to a "neutral" rating and cut their target price for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. Mizuho cut their price objective on shares of Micron Technology from $135.00 to $115.00 and set an "outperform" rating on the stock in a report on Thursday, December 19th. Finally, KeyCorp lowered their target price on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and an average target price of $135.24.

Micron Technology Price Performance

Shares of MU stock traded down $1.65 during trading hours on Friday, reaching $103.19. The company had a trading volume of 19,716,107 shares, compared to its average volume of 20,453,094. Micron Technology, Inc. has a 12-month low of $79.15 and a 12-month high of $157.54. The company has a market capitalization of $114.97 billion, a price-to-earnings ratio of 29.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a fifty day moving average of $98.36 and a 200-day moving average of $101.32.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology's quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.95) earnings per share. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.29 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. Micron Technology's dividend payout ratio is presently 13.26%.

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.