Raymond James & Associates Decreases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Raymond James & Associates lowered its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 20.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,007,475 shares of the semiconductor manufacturer’s stock after selling 251,890 shares during the period. Raymond James & Associates owned approximately 0.09% of Micron Technology worth $104,485,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. CHICAGO TRUST Co NA grew its stake in Micron Technology by 10.0% during the 1st quarter. CHICAGO TRUST Co NA now owns 4,078 shares of the semiconductor manufacturer’s stock valued at $481,000 after purchasing an additional 372 shares in the last quarter. Global Assets Advisory LLC purchased a new position in shares of Micron Technology during the 1st quarter valued at approximately $29,307,000. Wealth Management Partners LLC grew its position in shares of Micron Technology by 5.8% during the first quarter. Wealth Management Partners LLC now owns 7,759 shares of the semiconductor manufacturer’s stock worth $915,000 after buying an additional 423 shares in the last quarter. Central Valley Advisors LLC bought a new stake in shares of Micron Technology in the first quarter worth $207,000. Finally, Annex Advisory Services LLC raised its holdings in Micron Technology by 4.7% in the first quarter. Annex Advisory Services LLC now owns 12,411 shares of the semiconductor manufacturer’s stock valued at $1,463,000 after acquiring an additional 558 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 0.8 %

NASDAQ:MU opened at $111.15 on Monday. The company has a market cap of $123.25 billion, a P/E ratio of -78.27 and a beta of 1.18. Micron Technology, Inc. has a twelve month low of $63.88 and a twelve month high of $157.54. The business has a 50 day moving average price of $98.64 and a two-hundred day moving average price of $114.38. 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 announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating 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 firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter last year, the company posted ($1.21) earnings per share. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. As a group, analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.41%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MU shares. Piper Sandler raised their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. JPMorgan Chase & Co. lifted their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities upped their price objective on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. The Goldman Sachs Group lifted their target price on Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, Stifel Nicolaus lowered their price target on Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology currently has an average 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.