NBC Securities Inc. Trims Stake in Micron Technology, Inc. (NASDAQ:MU)

NBC Securities Inc. cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,996 shares of the semiconductor manufacturer’s stock after selling 424 shares during the period. NBC Securities Inc.’s holdings in Micron Technology were worth $2,385,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the period. Capital International Investors lifted its stake in shares of Micron Technology by 15.1% in 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 period. Swedbank AB boosted its holdings in shares of Micron Technology by 473.8% in the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after acquiring an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings 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 acquiring an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Micron Technology by 28.9% during the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock worth $892,023,000 after acquiring an additional 1,695,876 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MU. KeyCorp cut their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. Stifel Nicolaus lowered their target price on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Raymond James lifted their price target on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $142.85.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Down 3.0 %

MU traded down $3.21 during trading hours on Tuesday, reaching $105.13. 9,681,073 shares of the stock traded hands, compared to its average volume of 22,232,010. Micron Technology, Inc. has a fifty-two week low of $63.88 and a fifty-two week high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The company has a market cap of $116.57 billion, a price-to-earnings ratio of -73.09 and a beta of 1.18. The firm’s fifty day simple moving average is $97.12 and its two-hundred day simple moving average is $114.78.

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

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

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.