Prospera Financial Services Inc Sells 40,602 Shares of Micron Technology, Inc. (NASDAQ:MU)

Prospera Financial Services Inc decreased its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 53.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,187 shares of the semiconductor manufacturer's stock after selling 40,602 shares during the period. Prospera Financial Services Inc's holdings in Micron Technology were worth $3,650,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Hobbs Group Advisors LLC bought a new position in Micron Technology in the second quarter worth $28,000. Highline Wealth Partners LLC bought a new position in Micron Technology in the third quarter worth $26,000. Richard W. Paul & Associates LLC lifted its position in Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 144 shares during the period. LRI Investments LLC lifted its holdings in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock valued at $36,000 after acquiring an additional 99 shares during the period. Finally, Davis Capital Management bought a new position in shares of Micron Technology during the third quarter valued at $30,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Susquehanna cut their price objective on Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a report on Thursday, September 26th. Cantor Fitzgerald reissued an "overweight" rating and set a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. Bank of America lifted their price objective on Micron Technology from $110.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Robert W. Baird cut their price objective on Micron Technology from $172.00 to $150.00 and set an "outperform" rating for the company in a report on Friday, September 27th. Finally, UBS Group cut their price target on Micron Technology from $153.00 to $135.00 and set a "buy" rating for the company in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company's stock. According to data from MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and an average target price of $143.04.

Micron Technology Price Performance

Micron Technology stock opened at $98.37 on Thursday. The firm has a market capitalization of $109.07 billion, a P/E ratio of 144.66 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54. The business has a 50-day moving average of $101.93 and a 200-day moving average of $112.42. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

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

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is owned by insiders.

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.