Fifth Third Bancorp Sells 11,702 Shares of Micron Technology, Inc. (NASDAQ:MU)

Fifth Third Bancorp lowered its stake in Micron Technology, Inc. (NASDAQ:MU) by 6.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 177,458 shares of the semiconductor manufacturer’s stock after selling 11,702 shares during the period. Fifth Third Bancorp’s holdings in Micron Technology were worth $14,935,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Midwest Financial Group LLC grew its position in shares of Micron Technology by 6.6% during the 4th quarter. Midwest Financial Group LLC now owns 21,480 shares of the semiconductor manufacturer’s stock worth $1,808,000 after purchasing an additional 1,330 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in Micron Technology by 6.7% during the fourth quarter. Cornerstone Wealth Management LLC now owns 4,585 shares of the semiconductor manufacturer’s stock worth $386,000 after buying an additional 289 shares in the last quarter. Brighton Jones LLC increased its stake in Micron Technology by 18.3% during the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock worth $532,000 after acquiring an additional 976 shares during the period. Sustainable Insight Capital Management LLC raised its holdings in Micron Technology by 91.5% in the 4th quarter. Sustainable Insight Capital Management LLC now owns 4,214 shares of the semiconductor manufacturer’s stock valued at $355,000 after acquiring an additional 2,014 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its position in shares of Micron Technology by 7.0% during the 4th quarter. Avior Wealth Management LLC now owns 32,904 shares of the semiconductor manufacturer’s stock valued at $2,769,000 after acquiring an additional 2,141 shares during the period. 80.84% of the stock is owned by institutional investors.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MU has been the subject of a number of analyst reports. TD Cowen dropped their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Piper Sandler cut their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Cantor Fitzgerald reduced their price target on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Bank of America downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Needham & Company LLC reduced their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Stock Down 1.6 %

MU opened at $103.19 on Friday. Micron Technology, Inc. has a 12 month low of $79.15 and a 12 month high of $157.54. The company has a market cap of $114.97 billion, a PE ratio of 29.74 and a beta of 1.18. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $98.36 and a 200 day moving average of $101.53.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.95) EPS. On average, sell-side analysts expect that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

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.