Summit Partners Public Asset Management LLC Trims Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Summit Partners Public Asset Management LLC decreased its position in Micron Technology, Inc. (NASDAQ:MU) by 82.0% in the third quarter, Holdings Channel reports. The firm owned 100,000 shares of the semiconductor manufacturer’s stock after selling 457,006 shares during the period. Summit Partners Public Asset Management LLC’s holdings in Micron Technology were worth $10,371,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC bought a new position in Micron Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology in the 2nd quarter worth approximately $28,000. Davis Capital Management purchased a new stake in shares of Micron Technology in the 3rd quarter worth approximately $30,000. Richard W. Paul & Associates LLC boosted its stake in shares of Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares in the last quarter. Finally, DT Investment Partners LLC increased its holdings in Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 235 shares during the period. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 3.5 %

Micron Technology stock opened at $98.20 on Friday. The firm has a market cap of $109.40 billion, a PE ratio of 144.41 and a beta of 1.18. Micron Technology, Inc. has a 12 month low of $72.93 and a 12 month high of $157.54. The stock’s 50 day simple moving average is $103.46 and its two-hundred day simple moving average is $111.71. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion for 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%. The firm’s revenue was up 93.3% on a year-over-year basis. During the same quarter last year, the business earned ($1.21) earnings per share. Analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

Analyst Ratings Changes

A number of research firms have weighed in on MU. Rosenblatt Securities increased their target price on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Raymond James lifted their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Morgan Stanley increased their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, TD Cowen boosted their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating 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 issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.04.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.32% of the stock is 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.