Gateway Investment Advisers LLC Lowers Stake in Micron Technology, Inc. (NASDAQ:MU)

Gateway Investment Advisers LLC cut its holdings in Micron Technology, Inc. (NASDAQ:MU) by 73.6% during the third quarter, HoldingsChannel reports. The firm owned 57,967 shares of the semiconductor manufacturer’s stock after selling 161,972 shares during the period. Gateway Investment Advisers LLC’s holdings in Micron Technology were worth $6,012,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. DecisionPoint Financial LLC purchased a new position in Micron Technology during the 1st quarter worth $25,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the second quarter worth about $28,000. Valued Wealth Advisors LLC lifted its position in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares during the period. Davis Capital Management acquired a new stake in Micron Technology in the third quarter valued at about $30,000. Finally, Richard W. Paul & Associates LLC boosted its holdings in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MU. Wolfe Research raised their price target on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Susquehanna reduced their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. KeyCorp lowered their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, TD Cowen boosted their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $142.85.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.

Micron Technology Trading Up 1.2 %

MU stock opened at $106.92 on Friday. The company has a market cap of $118.56 billion, a price-to-earnings ratio of -75.30 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $96.76 and a 200-day simple moving average of $114.88. Micron Technology, Inc. has a 52 week low of $63.88 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the prior year, the business earned ($1.21) earnings per share. The business’s quarterly revenue was up 93.3% compared to the same quarter last year. On average, equities research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio (DPR) is currently -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.