Optas LLC Decreases Position in Micron Technology, Inc. (NASDAQ:MU)

Optas LLC lessened its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 6.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,063 shares of the semiconductor manufacturer’s stock after selling 339 shares during the period. Optas LLC’s holdings in Micron Technology were worth $666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Micron Technology in the fourth quarter valued at approximately $769,372,000. Price T Rowe Associates Inc. MD increased its stake 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 worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. Capital International Investors increased its position in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Swedbank AB raised 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 valued at $348,447,000 after purchasing an additional 2,187,460 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Micron Technology by 301,500.0% during the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after acquiring an additional 1,809,000 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of MU traded down $1.41 during midday trading on Friday, hitting $102.85. 24,535,168 shares of the company traded hands, compared to its average volume of 21,332,375. Micron Technology, Inc. has a 52 week low of $62.63 and a 52 week high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a 50 day moving average of $118.55 and a 200-day moving average of $114.05. The stock has a market cap of $114.04 billion, a price-to-earnings ratio of -72.43 and a beta of 1.18.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup raised their price objective on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. TD Cowen increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Robert W. Baird lifted their price objective on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday, June 24th. Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of Micron Technology in a research note on Thursday, June 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two 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 presently has a consensus rating of “Moderate Buy” and an average target price of $157.52.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $126.14, for a total transaction of $882,980.00. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $90,700,840.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total value of $882,980.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $90,700,840.86. The disclosure for this sale can be found here. In the last 90 days, 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 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.