Seven Eight Capital LP Trims Holdings in Micron Technology, Inc. (NASDAQ:MU)

Seven Eight Capital LP cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 54.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,339 shares of the semiconductor manufacturer’s stock after selling 17,256 shares during the quarter. Seven Eight Capital LP’s holdings in Micron Technology were worth $1,886,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. SkyOak Wealth LLC grew its position in shares of Micron Technology by 15.3% in the second quarter. SkyOak Wealth LLC now owns 2,814 shares of the semiconductor manufacturer’s stock valued at $370,000 after purchasing an additional 374 shares during the period. First Washington CORP acquired a new position in shares of Micron Technology during the 2nd quarter valued at about $5,340,000. Elo Mutual Pension Insurance Co increased its stake in shares of Micron Technology by 0.7% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 101,609 shares of the semiconductor manufacturer’s stock valued at $13,365,000 after acquiring an additional 743 shares during the last quarter. Blair William & Co. IL lifted its holdings in shares of Micron Technology by 0.3% during the 2nd quarter. Blair William & Co. IL now owns 301,877 shares of the semiconductor manufacturer’s stock worth $39,706,000 after acquiring an additional 842 shares during the period. Finally, Zega Financial LLC acquired a new stake in shares of Micron Technology in the second quarter worth approximately $276,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MU shares. Susquehanna cut their price target on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research note on Thursday, August 22nd. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and cut their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Wells Fargo & Company lowered their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday. Raymond James cut their price objective on Micron Technology from $160.00 to $125.00 and set an “outperform” rating on the stock in a report on Thursday, September 12th. Finally, JPMorgan Chase & Co. boosted their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.54.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

Micron Technology stock opened at $87.35 on Thursday. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average of $101.48 and a 200-day moving average of $114.77. The stock has a market cap of $96.86 billion, a P/E ratio of -61.51 and a beta of 1.17. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last announced 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 firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period last year, the business earned ($1.57) EPS. On average, analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is currently -32.39%.

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.