Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Smithfield Trust Co

Smithfield Trust Co lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 9.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,509 shares of the semiconductor manufacturer’s stock after selling 650 shares during the period. Smithfield Trust Co’s holdings in Micron Technology were worth $558,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MU. Northern Trust Corp boosted its holdings in Micron Technology by 0.7% in the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after acquiring an additional 80,345 shares during the last quarter. L2 Asset Management LLC lifted its stake in shares of Micron Technology by 492.3% in the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after purchasing an additional 21,979 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Micron Technology by 11.8% during the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock worth $599,203,000 after purchasing an additional 927,302 shares during the period. Merlin Capital Inc acquired a new stake in Micron Technology during the 3rd quarter worth approximately $407,000. Finally, Amitell Capital Pte Ltd raised its holdings in Micron Technology by 97.9% in the third quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after buying an additional 47,105 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MU shares. KeyCorp upped their target price on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company increased their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and upped their target price for the company from $115.00 to $150.00 in a research note on Monday. Cantor Fitzgerald boosted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $123.60.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total transaction of $574,210.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at $64,685,330.71. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total transaction of $574,210.00. Following the transaction, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $64,685,330.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 377,207 shares of company stock worth $42,681,947. 0.32% of the stock is owned by corporate insiders.

Micron Technology Stock Up 2.9 %

Shares of MU stock traded up $3.43 during mid-day trading on Friday, hitting $121.24. 13,887,401 shares of the stock traded hands, compared to its average volume of 20,569,320. The company’s 50-day simple moving average is $111.25 and its 200-day simple moving average is $91.09. Micron Technology, Inc. has a twelve month low of $60.06 and a twelve month high of $130.54. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the company posted ($2.03) EPS. The company’s revenue was up 57.7% compared to the same quarter last year. Equities research analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.38%. Micron Technology’s payout ratio is currently -13.33%.

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.