Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Treasurer of the State of North Carolina

by · The Cerbat Gem

Treasurer of the State of North Carolina lowered its stake in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 1.3% during the second quarter, Holdings Channel.com reports. The fund owned 522,764 shares of the semiconductor manufacturer’s stock after selling 6,692 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Micron Technology were worth $32,992,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. 25 LLC acquired a new stake in Micron Technology during the 1st quarter worth $25,000. Barrett & Company Inc. purchased a new position in shares of Micron Technology during the 1st quarter worth $25,000. Fortis Capital Advisors LLC purchased a new position in shares of Micron Technology during the 4th quarter worth $25,000. Cascade Investment Advisors Inc. purchased a new position in shares of Micron Technology during the 1st quarter worth $30,000. Finally, Trivant Custom Portfolio Group LLC purchased a new position in shares of Micron Technology during the 1st quarter worth $30,000. Institutional investors and hedge funds own 79.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MU shares. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Micron Technology in a report on Tuesday, September 26th. Needham & Company LLC lifted their price target on Micron Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 29th. StockNews.com began coverage on Micron Technology in a report on Thursday, October 5th. They set a “sell” rating on the stock. Morgan Stanley boosted their price objective on shares of Micron Technology from $58.50 to $71.50 and gave the company an “underweight” rating in a report on Monday, November 27th. Finally, Raymond James boosted their price objective on shares of Micron Technology from $76.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, November 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.33.

Check Out Our Latest Report on MU

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total value of $498,050.00. Following the completion of the transaction, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at $41,470,631.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Scott R. Allen sold 8,882 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $67.79, for a total value of $602,110.78. Following the completion of the sale, the chief accounting officer now directly owns 49,575 shares of the company’s stock, valued at $3,360,689.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $71.15, for a total value of $498,050.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at $41,470,631.30. The disclosure for this sale can be found here. Insiders sold 111,390 shares of company stock valued at $7,962,233 over the last three months. 0.32% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $73.69 on Wednesday. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $79.02. The company has a market cap of $81.33 billion, a PE ratio of -13.80 and a beta of 1.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.70 and a current ratio of 4.46. The business has a 50-day simple moving average of $71.56 and a 200-day simple moving average of $68.72.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings data on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The business had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the previous year, the company posted $1.36 earnings per share. The business’s revenue for the quarter was down 39.6% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post -2.04 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, October 10th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend was Friday, October 6th. Micron Technology’s dividend payout ratio (DPR) is -8.61%.

Micron Technology Company Profile

(Free Report)

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.

See Also

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