Synovus Financial Corp Sells 7,109 Shares of Micron Technology, Inc. (NASDAQ:MU)

Synovus Financial Corp reduced its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 32.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,750 shares of the semiconductor manufacturer's stock after selling 7,109 shares during the period. Synovus Financial Corp's holdings in Micron Technology were worth $1,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Beacon Capital Management LLC boosted its position in shares of Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock valued at $31,000 after acquiring an additional 200 shares during the period. Midwest Capital Advisors LLC acquired a new position in shares of Micron Technology during the fourth quarter worth $33,000. Activest Wealth Management grew its holdings in shares of Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 350 shares during the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in Micron Technology in the 4th quarter valued at approximately $34,000. Finally, Curio Wealth LLC bought a new position in Micron Technology during the 4th quarter worth $34,000. 80.84% of the stock is currently owned by institutional investors.

Insider Activity at Micron Technology

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

Micron Technology Stock Down 0.8 %

Shares of NASDAQ MU traded down $0.53 during midday trading on Friday, hitting $68.80. The company's stock had a trading volume of 20,670,930 shares, compared to its average volume of 23,307,121. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm has a market capitalization of $76.89 billion, a price-to-earnings ratio of 19.83 and a beta of 1.18. The business's fifty day simple moving average is $88.74 and its two-hundred day simple moving average is $96.14. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm's revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.67%. Micron Technology's dividend payout ratio (DPR) is currently 11.03%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MU. China Renaissance downgraded Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. Mizuho cut their price objective on Micron Technology from $135.00 to $115.00 and set an "outperform" rating on the stock in a research report on Thursday, December 19th. Wedbush reaffirmed an "outperform" rating and issued a $125.00 price objective on shares of Micron Technology in a report on Monday, March 17th. Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, TD Cowen lowered their price target on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $129.36.

Micron Technology Company 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.