BOCHK Asset Management Ltd Lowers Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

BOCHK Asset Management Ltd trimmed its position in Micron Technology, Inc. (NASDAQ:MU) by 92.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,029 shares of the semiconductor manufacturer’s stock after selling 119,371 shares during the period. BOCHK Asset Management Ltd’s holdings in Micron Technology were worth $1,040,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Atria Investments Inc boosted its position in Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after acquiring an additional 93 shares during the last quarter. Aspect Partners LLC raised its holdings in Micron Technology by 39.8% in the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after buying an additional 94 shares during the period. Ameritas Advisory Services LLC increased its position in shares of Micron Technology by 1.3% in the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after acquiring an additional 98 shares in the last quarter. LRI Investments LLC grew its position in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares in the last quarter. Finally, Retirement Group LLC lifted its holdings in Micron Technology by 37.3% in the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $1.52 on Thursday, reaching $106.57. 6,894,575 shares of the stock were exchanged, compared to its average volume of 22,097,770. The firm’s 50 day moving average is $99.23 and its 200-day moving average is $114.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. Micron Technology, Inc. has a one year low of $63.88 and a one year high of $157.54. The firm has a market cap of $118.17 billion, a PE ratio of -75.39 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its 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. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the prior year, the company earned ($1.21) EPS. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. As a group, analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. Micron Technology’s payout ratio is currently -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the 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 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Raymond James upped their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Rosenblatt Securities lifted their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Robert W. Baird decreased their target price on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, September 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and an average price target of $142.85.

About Micron Technology

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.