Micron Technology, Inc. (NASDAQ:MU) Stock Position Trimmed by Primecap Management Co. CA

Primecap Management Co. CA lessened its holdings in Micron Technology, Inc. (NASDAQ:MU) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,425,361 shares of the semiconductor manufacturer’s stock after selling 184,101 shares during the quarter. Micron Technology accounts for about 3.6% of Primecap Management Co. CA’s holdings, making the stock its 2nd biggest position. Primecap Management Co. CA’s holdings in Micron Technology were worth $4,922,558,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Atria Investments Inc boosted its stake in shares of Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after acquiring an additional 93 shares in the last quarter. Aspect Partners LLC lifted its stake in Micron Technology by 39.8% in the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after buying an additional 94 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Micron Technology by 1.5% in the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after buying an additional 98 shares in the last quarter. Ameritas Advisory Services LLC lifted its stake in Micron Technology by 1.3% in the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after buying an additional 98 shares in the last quarter. Finally, LRI Investments LLC lifted its stake in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 4.4 %

Shares of NASDAQ MU opened at $87.18 on Tuesday. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54. The company has a market cap of $96.67 billion, a P/E ratio of -61.39 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average price of $103.31 and a 200 day moving average price of $115.01.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the prior year, the firm earned ($1.57) EPS. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. Research analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s dividend payout ratio is currently -32.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. UBS Group reduced their target price on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and cut their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Wells Fargo & Company boosted their price target on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Needham & Company LLC cut their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a report on Monday, August 26th. Finally, Citigroup boosted their price target on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. One research 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. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.77.

Insider Buying and Selling at Micron Technology

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 value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by corporate 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.