Managed Asset Portfolios LLC Sells 75,072 Shares of Micron Technology, Inc. (NASDAQ:MU)

Managed Asset Portfolios LLC lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 37.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 126,518 shares of the semiconductor manufacturer’s stock after selling 75,072 shares during the quarter. Micron Technology comprises about 1.9% of Managed Asset Portfolios LLC’s investment portfolio, making the stock its 24th biggest position. Managed Asset Portfolios LLC’s holdings in Micron Technology were worth $13,121,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MU. Penserra Capital Management LLC boosted its stake in Micron Technology by 12.2% in the 3rd quarter. Penserra Capital Management LLC now owns 52,832 shares of the semiconductor manufacturer’s stock valued at $5,477,000 after purchasing an additional 5,740 shares during the period. Algert Global LLC boosted its position in shares of Micron Technology by 349.4% in the third quarter. Algert Global LLC now owns 11,092 shares of the semiconductor manufacturer’s stock valued at $1,150,000 after acquiring an additional 8,624 shares during the period. Cerity Partners LLC grew its stake in shares of Micron Technology by 58.6% in the third quarter. Cerity Partners LLC now owns 94,515 shares of the semiconductor manufacturer’s stock valued at $9,802,000 after acquiring an additional 34,938 shares in the last quarter. Great Valley Advisor Group Inc. increased its position in Micron Technology by 31.0% during the third quarter. Great Valley Advisor Group Inc. now owns 12,357 shares of the semiconductor manufacturer’s stock worth $1,282,000 after acquiring an additional 2,926 shares during the period. Finally, Camden National Bank acquired a new stake in Micron Technology in the 3rd quarter worth about $363,000. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling at Micron Technology

In other Micron Technology 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 transaction of $552,570.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Stock Down 0.1 %

Shares of NASDAQ MU opened at $102.64 on Friday. The company has a 50 day simple moving average of $102.46 and a 200 day simple moving average of $112.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54. The firm has a market cap of $113.80 billion, a PE ratio of 150.94 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter last year, the firm earned ($1.21) earnings per share. On average, research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date was Monday, October 7th. Micron Technology’s payout ratio is presently 67.65%.

Analysts Set New Price Targets

A number of research analysts have issued reports on MU shares. UBS Group lowered their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. KeyCorp lowered their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Bank of America upped their target price on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, China Renaissance assumed coverage on shares of Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.04.

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.