OLD National Bancorp IN Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

OLD National Bancorp IN cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 17.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,726 shares of the semiconductor manufacturer’s stock after selling 811 shares during the period. OLD National Bancorp IN’s holdings in Micron Technology were worth $490,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Micron Technology during the 4th quarter valued at $769,372,000. Price T Rowe Associates Inc. MD raised its position in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares during the period. California Public Employees Retirement System lifted its stake in shares of Micron Technology by 125.0% during the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares in the last quarter. Capital International Investors boosted its position in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after buying an additional 2,397,885 shares during the period. Finally, 1832 Asset Management L.P. grew its stake in shares of Micron Technology by 301,500.0% in the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after buying an additional 1,809,000 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Price Performance

Micron Technology stock traded up $1.01 during mid-day trading on Friday, hitting $93.08. The company’s stock had a trading volume of 21,627,209 shares, compared to its average volume of 21,416,703. The stock’s fifty day moving average price is $124.66 and its two-hundred day moving average price is $112.69. Micron Technology, Inc. has a twelve month low of $61.75 and a twelve month high of $157.54. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $103.21 billion, a P/E ratio of -65.55 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping 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 firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the business posted ($1.57) EPS. The company’s revenue was up 81.5% on a year-over-year basis. Research analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 12,000 shares of Micron Technology stock in a transaction on Monday, May 13th. The shares were sold at an average price of $123.01, for a total transaction of $1,476,120.00. Following the completion of the sale, the executive vice president now owns 218,048 shares of the company’s stock, valued at approximately $26,822,084.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Sumit Sadana sold 12,000 shares of Micron Technology stock in a transaction on Monday, May 13th. The shares were sold at an average price of $123.01, for a total value of $1,476,120.00. Following the completion of the sale, the executive vice president now owns 218,048 shares of the company’s stock, valued at approximately $26,822,084.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $122.89, for a total transaction of $860,230.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $88,363,931.61. The disclosure for this sale can be found here. Insiders sold 101,174 shares of company stock valued at $13,716,343 in the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MU. TD Cowen boosted their price target on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Stifel Nicolaus upped their target price on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Barclays raised their price target on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Mizuho upped their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Bank of America increased their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $157.92.

Micron Technology 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.