BOCHK Asset Management Ltd Decreases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

BOCHK Asset Management Ltd lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 92.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,029 shares of the semiconductor manufacturer's stock after selling 119,371 shares during the quarter. BOCHK Asset Management Ltd's holdings in Micron Technology were worth $1,040,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of MU. Atria Investments Inc boosted its position in shares of Micron Technology by 0.3% during 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 during the last quarter. Aspect Partners LLC raised its position in Micron Technology by 39.8% in the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer's stock worth $43,000 after purchasing an additional 94 shares during the period. Ameritas Advisory Services LLC raised its position in Micron Technology by 1.3% in the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer's stock worth $1,003,000 after purchasing an additional 98 shares during the period. LRI Investments LLC raised 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 worth $36,000 after purchasing an additional 99 shares during the period. Finally, Retirement Group LLC raised its position in Micron Technology by 37.3% in the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer's stock worth $43,000 after purchasing an additional 100 shares during the period. 80.84% of the stock is owned by institutional investors.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's 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 transaction, the executive vice president now owns 135,830 shares of the company's stock, valued at $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.32% of the company's stock.

Micron Technology Price Performance

Shares of MU traded up $1.80 during mid-day trading on Thursday, reaching $106.85. The stock had a trading volume of 13,167,002 shares, compared to its average volume of 22,128,887. The firm has a market cap of $118.48 billion, a price-to-earnings ratio of -75.25 and a beta of 1.18. Micron Technology, Inc. has a 12 month low of $63.88 and a 12 month high of $157.54. The business has a fifty day moving average of $99.23 and a 200 day moving average of $114.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

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, beating analysts' consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the business posted ($1.21) earnings per share. The business's quarterly revenue was up 93.3% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's payout ratio is -32.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, June 27th. TD Cowen raised their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Rosenblatt Securities raised their price target on shares of Micron Technology from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Wedbush reaffirmed an "outperform" rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. Finally, KeyCorp cut their target price on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average price target of $142.85.

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.