Parsons Capital Management Inc. RI Decreases Stake in Micron Technology, Inc. (NASDAQ:MU)

Parsons Capital Management Inc. RI cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,102 shares of the semiconductor manufacturer’s stock after selling 141 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Micron Technology were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Highline Wealth Partners LLC bought a new position in Micron Technology in the 3rd quarter worth about $26,000. Davis Capital Management bought a new position in shares of Micron Technology in the third quarter valued at approximately $30,000. True Wealth Design LLC grew its stake in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. DT Investment Partners LLC increased its holdings in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 235 shares during the period. Finally, Stone House Investment Management LLC lifted its stake in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Robert W. Baird decreased their price target on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. TD Cowen decreased their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald decreased their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research report on Wednesday, December 18th. Finally, Morgan Stanley decreased their price target on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Price Performance

Shares of MU stock opened at $88.25 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology, Inc. has a fifty-two week low of $79.15 and a fifty-two week high of $157.54. The firm has a market cap of $98.33 billion, a P/E ratio of 25.43 and a beta of 1.18. The business’s 50 day moving average price is $98.23 and its 200-day moving average price is $100.80.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the previous year, the business posted ($0.95) earnings per share. The firm’s revenue for the quarter was up 84.3% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.29 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.52%. Micron Technology’s payout ratio is 13.26%.

About Micron Technology

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.