Micron Technology, Inc. (NASDAQ:MU) Position Reduced by Trust Co. of Oklahoma

Trust Co. of Oklahoma lessened its position in Micron Technology, Inc. (NASDAQ:MU) by 26.0% during the second quarter, Holdings Channel reports. The institutional investor owned 2,743 shares of the semiconductor manufacturer’s stock after selling 965 shares during the quarter. Trust Co. of Oklahoma’s holdings in Micron Technology were worth $361,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Tidemark LLC bought a new stake in Micron Technology in the fourth quarter worth about $25,000. DecisionPoint Financial LLC acquired a new stake in Micron Technology during the first quarter valued at approximately $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the second quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the subject of several research reports. Rosenblatt Securities reissued a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a research note on Tuesday, June 25th. Piper Sandler upped their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Morgan Stanley lifted their target price on shares of Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Bank of America upped their price target on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Finally, Citigroup boosted their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.52.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,174 shares of company stock worth $8,635,073. 0.32% of the stock is currently owned by company insiders.

Micron Technology Stock Performance

NASDAQ:MU traded down $4.07 during mid-day trading on Thursday, hitting $104.26. 17,933,461 shares of the company’s stock traded hands, compared to its average volume of 21,312,398. Micron Technology, Inc. has a 12 month low of $62.63 and a 12 month high of $157.54. The firm has a market capitalization of $115.61 billion, a price-to-earnings ratio of -73.42 and a beta of 1.18. The firm has a 50 day moving average of $120.10 and a two-hundred day moving average of $113.80. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.57) EPS. On average, equities analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.44%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

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.