Stonebridge Capital Management Inc. Sells 470 Shares of Micron Technology, Inc. (NASDAQ:MU)

Stonebridge Capital Management Inc. reduced its holdings in Micron Technology, Inc. (NASDAQ:MU) by 6.8% in the first quarter, HoldingsChannel reports. The firm owned 6,430 shares of the semiconductor manufacturer’s stock after selling 470 shares during the period. Stonebridge Capital Management Inc.’s holdings in Micron Technology were worth $758,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MU. Tidemark LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $29,000. VisionPoint Advisory Group LLC increased its holdings in shares of Micron Technology by 68.3% during the third quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 198 shares in the last quarter. Finally, Riverview Trust Co bought a new stake in shares of Micron Technology during the first quarter valued at approximately $39,000. 80.84% of the stock is currently owned by institutional investors.

Insider Transactions at Micron Technology

In related news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares in the company, valued at approximately $17,723,867.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. In the last three months, insiders sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is currently owned by corporate insiders.

Micron Technology Stock Performance

Shares of NASDAQ:MU traded down $9.07 during midday trading on Thursday, reaching $133.29. 32,660,416 shares of the company traded hands, compared to its average volume of 20,309,389. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 12 month low of $60.50 and a 12 month high of $157.54. The firm has a market capitalization of $147.60 billion, a price-to-earnings ratio of -38.96 and a beta of 1.21. The firm’s fifty day moving average price is $126.64 and its two-hundred day moving average price is $105.26.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.57) EPS. On average, equities analysts expect that Micron Technology, Inc. will post 0.35 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird lifted their target price on Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a research report on Monday. Susquehanna lifted their target price on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research report on Monday, June 17th. Finally, Needham & Company LLC boosted their price objective on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.60.

Micron Technology 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.