DAVENPORT & Co LLC Decreases Position in Micron Technology, Inc. (NASDAQ:MU)

DAVENPORT & Co LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 14.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 271,209 shares of the semiconductor manufacturer’s stock after selling 47,083 shares during the period. DAVENPORT & Co LLC’s holdings in Micron Technology were worth $22,825,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Czech National Bank boosted its position in shares of Micron Technology by 7.1% in the 3rd quarter. Czech National Bank now owns 225,924 shares of the semiconductor manufacturer’s stock valued at $23,431,000 after purchasing an additional 14,902 shares during the period. Mirador Capital Partners LP acquired a new stake in shares of Micron Technology in the third quarter valued at approximately $482,000. Handelsbanken Fonder AB grew its position in shares of Micron Technology by 2.4% during the third quarter. Handelsbanken Fonder AB now owns 434,596 shares of the semiconductor manufacturer’s stock worth $45,072,000 after acquiring an additional 9,992 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Micron Technology by 12.1% in the 3rd quarter. GAMMA Investing LLC now owns 15,599 shares of the semiconductor manufacturer’s stock valued at $1,618,000 after acquiring an additional 1,689 shares during the period. Finally, Diversified Trust Co raised its position in Micron Technology by 37.0% in the 3rd quarter. Diversified Trust Co now owns 22,202 shares of the semiconductor manufacturer’s stock valued at $2,303,000 after purchasing an additional 5,995 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Micron Technology Trading Down 1.4 %

Shares of MU opened at $91.24 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a 1-year low of $79.15 and a 1-year high of $157.54. The stock has a market cap of $101.66 billion, a price-to-earnings ratio of 26.29 and a beta of 1.18. The firm has a 50 day simple moving average of $97.43 and a 200-day simple moving average of $99.88.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.95) earnings per share. Equities analysts forecast that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.50%. Micron Technology’s dividend payout ratio is currently 13.26%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MU. The Goldman Sachs Group reduced their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Stifel Nicolaus decreased their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Mizuho cut their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. UBS Group reduced their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Finally, Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $134.96.

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.