MAI Capital Management Decreases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

MAI Capital Management lessened its holdings in Micron Technology, Inc. (NASDAQ:MU) by 76.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 17,008 shares of the semiconductor manufacturer’s stock after selling 55,501 shares during the quarter. MAI Capital Management’s holdings in Micron Technology were worth $1,764,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MU. Price T Rowe Associates Inc. MD raised its holdings in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after buying an additional 3,315,988 shares during the last quarter. Van ECK Associates Corp raised its stake in Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after acquiring an additional 2,477,985 shares during the last quarter. Swedbank AB lifted its position in Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after acquiring an additional 2,187,460 shares during the period. 1832 Asset Management L.P. grew its stake 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 purchasing an additional 1,809,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Micron Technology by 82.3% in the first quarter. Canada Pension Plan Investment Board now owns 2,959,481 shares of the semiconductor manufacturer’s stock valued at $348,893,000 after purchasing an additional 1,336,037 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Up 0.7 %

Shares of NASDAQ:MU opened at $98.37 on Thursday. The stock’s 50-day moving average price is $101.93 and its two-hundred day moving average price is $112.42. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The firm has a market cap of $109.07 billion, a price-to-earnings ratio of 144.66 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology’s revenue was up 93.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.21) earnings per share. On average, research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Analysts Set New Price Targets

MU has been the subject of several recent research reports. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Susquehanna reduced their target price on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research note on Tuesday, October 1st. UBS Group reduced 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 report on Tuesday, September 17th. Finally, Morgan Stanley increased their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $143.04.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

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.