SRN Advisors LLC Reduces Position in Micron Technology, Inc. (NASDAQ:MU)

SRN Advisors LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 45.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,198 shares of the semiconductor manufacturer’s stock after selling 5,970 shares during the period. SRN Advisors LLC’s holdings in Micron Technology were worth $849,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MU. Tidemark LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at about $25,000. DecisionPoint Financial LLC purchased a new position in Micron Technology during the first quarter worth about $25,000. Pingora Partners LLC purchased a new position in Micron Technology during the fourth quarter worth about $26,000. Frank Rimerman Advisors LLC purchased a new position in Micron Technology during the fourth quarter worth about $29,000. Finally, Valued Wealth Advisors LLC raised its stake in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Down 8.7 %

NASDAQ MU traded down $8.81 during trading hours on Friday, reaching $92.70. 36,039,440 shares of the company traded hands, compared to its average volume of 23,484,150. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 12 month low of $61.75 and a 12 month high of $157.54. The company has a 50 day moving average of $128.53 and a two-hundred day moving average of $112.73. The stock has a market capitalization of $102.79 billion, a PE ratio of -65.28 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly 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 company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the firm posted ($1.57) earnings per share. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. As a group, equities analysts expect that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the 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 transaction, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,730 shares of company stock valued at $22,485,299. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MU shares. Robert W. Baird lifted their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. Susquehanna upped their price target on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research report on Monday, June 17th. The Goldman Sachs Group upped their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Citigroup upped their price target on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Finally, JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $158.72.

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.