Brookstone Capital Management Trims Holdings in Micron Technology, Inc. (NASDAQ:MU)

Brookstone Capital Management lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,960 shares of the semiconductor manufacturer’s stock after selling 432 shares during the quarter. Brookstone Capital Management’s holdings in Micron Technology were worth $1,137,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the last quarter. Capital International Investors boosted its holdings in shares of Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. Swedbank AB boosted its holdings in shares of Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after buying an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after buying an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Micron Technology by 28.9% during the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock worth $892,023,000 after acquiring an additional 1,695,876 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

MU stock opened at $106.92 on Friday. The stock’s 50 day moving average is $96.76 and its two-hundred day moving average is $114.88. Micron Technology, Inc. has a 52-week low of $63.88 and a 52-week high of $157.54. The company has a market capitalization of $118.56 billion, a PE ratio of -75.30 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the firm earned ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. Analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s payout ratio is currently -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. UBS Group decreased their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Citigroup dropped their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Morgan Stanley boosted their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Piper Sandler increased their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Susquehanna reduced their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

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.