Montecito Bank & Trust Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Montecito Bank & Trust trimmed its stake in Micron Technology, Inc. (NASDAQ:MU) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,632 shares of the semiconductor manufacturer’s stock after selling 485 shares during the quarter. Montecito Bank & Trust’s holdings in Micron Technology were worth $664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Tidemark LLC purchased a new stake in shares of Micron Technology during the 4th quarter valued at approximately $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology during the 4th quarter valued at approximately $26,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology during the 4th quarter valued at approximately $29,000. VisionPoint Advisory Group LLC lifted its stake in shares of Micron Technology by 68.3% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 198 shares in the last quarter. Finally, Clear Street Markets LLC increased its holdings in Micron Technology by 67.5% during the 3rd quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock worth $42,000 after acquiring an additional 251 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 320,446 shares of company stock worth $38,724,533. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley raised shares of Micron Technology from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $98.00 to $130.00 in a report on Monday, May 20th. Barclays increased their target price on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Cantor Fitzgerald increased their target price on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday. Citigroup reaffirmed a “buy” rating and set a $150.00 target price on shares of Micron Technology in a report on Thursday, April 4th. Finally, Wedbush increased their target price on shares of Micron Technology from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.12.

Micron Technology Trading Down 6.0 %

Shares of NASDAQ MU opened at $144.19 on Friday. Micron Technology, Inc. has a 1 year low of $60.50 and a 1 year high of $157.54. The stock has a market cap of $159.67 billion, a P/E ratio of -41.79 and a beta of 1.21. The firm has a 50-day moving average of $125.56 and a 200 day moving average of $103.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

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, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. Micron Technology’s revenue was up 57.7% compared to the same quarter last year. During the same period last year, the business earned ($2.03) EPS. As a group, sell-side analysts expect that Micron Technology, Inc. will post 0.3 EPS for the current fiscal year.

Micron Technology 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.