Sunbelt Securities Inc. Trims Holdings in Micron Technology, Inc. (NASDAQ:MU)

Sunbelt Securities Inc. lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 14.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,345 shares of the semiconductor manufacturer’s stock after selling 231 shares during the period. Sunbelt Securities Inc.’s holdings in Micron Technology were worth $159,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after buying an additional 755,588 shares during the period. Sanders Capital LLC increased its holdings in shares of Micron Technology by 2.3% during the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the period. Morgan Stanley grew its position in Micron Technology by 19.7% during the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after buying an additional 2,852,688 shares during the period. Finally, Capital International Investors increased its holdings in Micron Technology by 2.3% in the fourth quarter. Capital International Investors now owns 15,905,621 shares of the semiconductor manufacturer’s stock valued at $1,357,392,000 after buying an additional 363,902 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of MU stock opened at $131.53 on Friday. The firm’s 50-day moving average is $128.07 and its two-hundred day moving average is $106.08. Micron Technology, Inc. has a 12 month low of $60.50 and a 12 month high of $157.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The company has a market capitalization of $145.65 billion, a PE ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.03%. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.57) EPS. Analysts predict that Micron Technology, Inc. will post 0.35 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MU shares. Wolfe Research increased their target price on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Raymond James boosted their price objective on Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Piper Sandler increased their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday. Morgan Stanley boosted their price target on shares of Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, June 24th. Finally, Bank of America increased their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. 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, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $158.52.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the transaction, the chief executive officer now directly owns 743,557 shares in the company, valued at $90,780,874.13. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the sale, the senior vice president now owns 153,387 shares in the company, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 304,840 shares of company stock worth $37,961,924. Company insiders own 0.32% of the company’s stock.

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.