Micron Technology, Inc. (NASDAQ:MU) is Primecap Management Co. CA’s 2nd Largest Position

Primecap Management Co. CA lowered its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,425,361 shares of the semiconductor manufacturer’s stock after selling 184,101 shares during the quarter. Micron Technology makes up 3.6% of Primecap Management Co. CA’s portfolio, making the stock its 2nd biggest holding. Primecap Management Co. CA owned approximately 3.38% of Micron Technology worth $4,922,558,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Tidemark LLC purchased a new position in Micron Technology during the 4th quarter valued at approximately $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the 1st quarter valued at approximately $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $28,000. Finally, Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. KeyCorp lowered their price objective on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. The Goldman Sachs Group raised their price objective on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. TD Cowen raised their price target on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, Wedbush reissued an “outperform” rating and set a $170.00 price target on shares of Micron Technology in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $150.77.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is currently owned by company insiders.

Micron Technology Trading Down 4.4 %

MU opened at $87.18 on Tuesday. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54. The business has a fifty day simple moving average of $103.31 and a 200-day simple moving average of $115.01. The firm has a market cap of $96.67 billion, a P/E ratio of -61.39 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period last year, the business posted ($1.57) earnings per share. The company’s quarterly revenue was up 81.5% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors 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 dividend on an annualized basis and a yield of 0.53%. Micron Technology’s dividend payout ratio (DPR) is presently -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.