Oppenheimer & Co. Inc. Sells 29,375 Shares of Micron Technology, Inc. (NASDAQ:MU)

Oppenheimer & Co. Inc. cut its holdings in Micron Technology, Inc. (NASDAQ:MU) by 41.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 41,046 shares of the semiconductor manufacturer’s stock after selling 29,375 shares during the period. Oppenheimer & Co. Inc.’s holdings in Micron Technology were worth $4,257,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of MU. Nwam LLC grew its position in shares of Micron Technology by 50.0% during the 1st quarter. Nwam LLC now owns 9,604 shares of the semiconductor manufacturer’s stock valued at $1,144,000 after acquiring an additional 3,202 shares during the period. Banco Santander S.A. increased its position in Micron Technology by 96.2% in the first quarter. Banco Santander S.A. now owns 94,799 shares of the semiconductor manufacturer’s stock worth $11,176,000 after buying an additional 46,488 shares during the last quarter. M&G Plc purchased a new stake in Micron Technology in the first quarter worth $15,172,000. Intech Investment Management LLC raised its stake in shares of Micron Technology by 6.5% in the first quarter. Intech Investment Management LLC now owns 44,025 shares of the semiconductor manufacturer’s stock valued at $5,190,000 after buying an additional 2,701 shares during the period. Finally, Alera Investment Advisors LLC purchased a new position in shares of Micron Technology during the 1st quarter valued at $258,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Down 0.7 %

NASDAQ MU opened at $99.18 on Friday. Micron Technology, Inc. has a 12 month low of $72.93 and a 12 month high of $157.54. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $100.93 and its 200-day moving average price is $112.94. The stock has a market cap of $109.96 billion, a P/E ratio of 145.86 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. During the same period last year, the business earned ($1.21) EPS. As a group, equities analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.46%. Micron Technology’s dividend payout ratio is 67.65%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MU shares. TD Cowen boosted their price objective on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Wells Fargo & Company dropped their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Rosenblatt Securities raised their price target on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Wedbush reiterated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

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.