Arvest Trust Co. N A Cuts Stake in Micron Technology, Inc. (NASDAQ:MU)

Arvest Trust Co. N A lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 7.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,830 shares of the semiconductor manufacturer’s stock after selling 16,923 shares during the quarter. Micron Technology accounts for about 1.7% of Arvest Trust Co. N A’s investment portfolio, making the stock its 15th biggest holding. Arvest Trust Co. N A’s holdings in Micron Technology were worth $28,388,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Micron Technology by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares during the last quarter. Capital World Investors increased its holdings in Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after buying an additional 1,400,154 shares during the last quarter. Sanders Capital LLC raised its position in Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after acquiring an additional 503,923 shares during the period. Capital International Investors boosted its stake in shares of Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Micron Technology by 22.2% during the 1st 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 acquiring an additional 3,315,988 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. KeyCorp cut their price objective on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Wedbush reissued an “outperform” rating and issued a $170.00 target price on shares of Micron Technology in a report on Thursday, June 27th. UBS Group lowered their price target on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Finally, Wells Fargo & Company increased their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $150.77.

Micron Technology Price Performance

MU opened at $87.18 on Tuesday. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $103.31 and its 200-day simple moving average is $115.01. The company has a market capitalization of $96.67 billion, a price-to-earnings ratio of -61.39 and a beta of 1.17. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.57) EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal 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 given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.53%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is currently owned by company insiders.

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.