Micron Technology, Inc. (NASDAQ:MU) Holdings Lowered by Veracity Capital LLC

Veracity Capital LLC cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 26.4% in the 1st quarter, HoldingsChannel reports. The fund owned 2,428 shares of the semiconductor manufacturer’s stock after selling 873 shares during the period. Veracity Capital LLC’s holdings in Micron Technology were worth $286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MU. Tidemark LLC acquired a new position in shares of Micron Technology in the 4th quarter worth $25,000. Pingora Partners LLC purchased a new position in shares of Micron Technology during the 4th quarter valued at $26,000. Frank Rimerman Advisors LLC acquired a new position in Micron Technology in the 4th quarter worth about $29,000. VisionPoint Advisory Group LLC lifted its stake in Micron Technology by 68.3% in the third quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 198 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Micron Technology in the first quarter worth $39,000. Institutional investors own 80.84% of the company’s stock.

Insider Activity

In other news, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $122.60, for a total transaction of $858,200.00. Following the completion of the transaction, the chief executive officer now directly owns 728,557 shares in the company, valued at $89,321,088.20. The disclosure for this sale can be found here. Insiders have sold 257,730 shares of company stock valued at $31,921,649 over the last three months. 0.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent analyst reports. Mizuho lifted their target price on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Wells Fargo & Company upped their price target on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Wedbush restated an “outperform” rating and set a $170.00 price target on shares of Micron Technology in a report on Thursday, June 27th. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. Finally, Raymond James upped their price target on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Stock Performance

NASDAQ MU opened at $136.82 on Friday. The firm has a market cap of $151.71 billion, a price-to-earnings ratio of -96.35 and a beta of 1.18. The company has a 50 day moving average of $129.92 and a 200-day moving average of $107.58. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 1-year low of $60.50 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the business posted ($1.57) earnings per share. On average, equities analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.34%. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

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.