Sumitomo Mitsui Trust Holdings Inc. Sells 9,460 Shares of Micron Technology, Inc. (NASDAQ:MU)

Sumitomo Mitsui Trust Holdings Inc. decreased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,963,505 shares of the semiconductor manufacturer’s stock after selling 9,460 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.36% of Micron Technology worth $467,258,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. SeaCrest Wealth Management LLC increased its stake in shares of Micron Technology by 77.2% in the 1st quarter. SeaCrest Wealth Management LLC now owns 9,948 shares of the semiconductor manufacturer’s stock valued at $1,173,000 after acquiring an additional 4,334 shares in the last quarter. State of Michigan Retirement System grew its position in Micron Technology by 0.6% in the 1st quarter. State of Michigan Retirement System now owns 302,442 shares of the semiconductor manufacturer’s stock valued at $35,655,000 after purchasing an additional 1,800 shares during the period. Deepwater Asset Management LLC acquired a new stake in Micron Technology in the 1st quarter valued at $1,691,000. Allspring Global Investments Holdings LLC grew its position in Micron Technology by 88.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 482,031 shares of the semiconductor manufacturer’s stock valued at $56,827,000 after purchasing an additional 226,191 shares during the period. Finally, WESPAC Advisors SoCal LLC acquired a new stake in Micron Technology in the 1st quarter valued at $230,000. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The disclosure for this sale can be found here. Insiders have sold a total of 302,730 shares of company stock worth $37,771,649 in the last quarter. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MU shares. Barclays lifted their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Susquehanna lifted their price objective on shares of Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a report on Monday, June 17th. Wolfe Research lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Mizuho lifted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Wedbush reissued an “outperform” rating and issued a $170.00 price target on shares of Micron Technology in a report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Trading Up 0.1 %

Micron Technology stock traded up $0.09 during mid-day trading on Wednesday, reaching $132.68. 2,779,670 shares of the company traded hands, compared to its average volume of 20,630,016. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm’s 50 day moving average price is $128.51 and its 200 day moving average price is $106.81. The firm has a market capitalization of $147.12 billion, a price-to-earnings ratio of -93.37 and a beta of 1.18. Micron Technology, Inc. has a 52-week low of $60.50 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the business posted ($1.57) EPS. The company’s quarterly revenue was up 81.5% on a year-over-year basis. On average, analysts anticipate that Micron Technology, Inc. will post 0.53 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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