Sycomore Asset Management Has $7.82 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Sycomore Asset Management lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 62.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,909 shares of the semiconductor manufacturer’s stock after selling 91,718 shares during the period. Micron Technology accounts for 1.4% of Sycomore Asset Management’s holdings, making the stock its 26th biggest position. Sycomore Asset Management’s holdings in Micron Technology were worth $7,817,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in MU. Clearbridge Investments LLC increased its position in Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares during the last quarter. Chapin Davis Inc. acquired a new position in shares of Micron Technology in the second quarter valued at $4,056,000. Norden Group LLC raised its position in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares during the period. Gulf International Bank UK Ltd lifted its position in Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in shares of Micron Technology during the first quarter worth approximately $8,558,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MU shares. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Piper Sandler lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. Bank of America raised their price objective on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wolfe Research upped their target price on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $144.38.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was 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 $15,348,790. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Down 3.5 %

Shares of NASDAQ MU opened at $103.71 on Tuesday. The company’s 50 day moving average price is $97.40 and its 200-day moving average price is $115.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. 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 $115.00 billion, a P/E ratio of -73.04, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company posted ($1.21) EPS. The business’s quarterly revenue was up 93.3% on a year-over-year basis. Equities analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. Micron Technology’s dividend payout ratio 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.