Itau Unibanco Holding S.A. Trims Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Itau Unibanco Holding S.A. reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 67.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,815 shares of the semiconductor manufacturer’s stock after selling 39,554 shares during the period. Itau Unibanco Holding S.A.’s holdings in Micron Technology were worth $2,475,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MU. TrinityPoint Wealth LLC boosted its stake in shares of Micron Technology by 33.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 shares during the period. Gladstone Institutional Advisory LLC bought a new position in Micron Technology in the 4th quarter worth approximately $241,000. Tidemark LLC purchased a new stake in Micron Technology during the 4th quarter valued at approximately $25,000. Cambridge Investment Research Advisors Inc. raised its position in shares of Micron Technology by 2.3% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 136,458 shares of the semiconductor manufacturer’s stock valued at $11,645,000 after buying an additional 3,046 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new position in shares of Micron Technology in the fourth quarter worth $587,000. 80.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MU has been the subject of several research analyst reports. UBS Group cut their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. KeyCorp decreased their price objective on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. TD Cowen lowered their target price on Micron Technology from $160.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday. Susquehanna reduced their price target on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research report on Thursday, August 22nd. Finally, Morgan Stanley lowered their price objective on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $145.65.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $90.90 on Friday. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54. The company has a market capitalization of $100.79 billion, a PE ratio of -64.01 and a beta of 1.17. The stock’s fifty day moving average is $99.81 and its two-hundred day moving average is $114.70. 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 posted 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 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 last year, the firm posted ($1.57) EPS. The firm’s revenue was up 81.5% compared to the same quarter last year. As a group, analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insiders Place Their Bets

In related 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 value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.