Lord Abbett & CO. LLC cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 335,532 shares of the semiconductor manufacturer’s stock after selling 5,669 shares during the period. Lord Abbett & CO. LLC’s holdings in Micron Technology were worth $28,512,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Verition Fund Management LLC lifted its stake in shares of Micron Technology by 326.8% in the 1st quarter. Verition Fund Management LLC now owns 263,769 shares of the semiconductor manufacturer’s stock valued at $23,267,000 after purchasing an additional 201,972 shares during the last quarter. National Pension Service lifted its position in shares of Micron Technology by 2.0% in the first quarter. National Pension Service now owns 1,626,273 shares of the semiconductor manufacturer’s stock worth $143,454,000 after buying an additional 31,758 shares during the last quarter. X Square Capital LLC boosted its stake in shares of Micron Technology by 2.3% during the 1st quarter. X Square Capital LLC now owns 81,095 shares of the semiconductor manufacturer’s stock worth $7,153,000 after acquiring an additional 1,850 shares in the last quarter. W.G. Shaheen & Associates DBA Whitney & Co boosted its stake in shares of Micron Technology by 3.3% during the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 39,240 shares of the semiconductor manufacturer’s stock worth $3,461,000 after acquiring an additional 1,253 shares in the last quarter. Finally, FIL Ltd increased its holdings in shares of Micron Technology by 1.3% during the 1st quarter. FIL Ltd now owns 2,388,050 shares of the semiconductor manufacturer’s stock valued at $210,649,000 after acquiring an additional 29,979 shares during the last quarter. Institutional investors and hedge funds own 78.34% of the company’s stock.
In other Micron Technology news, SVP April S. Arnzen sold 8,300 shares of the stock in a transaction that occurred on Friday, June 25th. The stock was sold at an average price of $81.57, for a total value of $677,031.00. Following the transaction, the senior vice president now owns 72,787 shares in the company, valued at $5,937,235.59. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Joel L. Poppen sold 4,984 shares of the stock in a transaction dated Monday, September 13th. The shares were sold at an average price of $74.39, for a total transaction of $370,759.76. The disclosure for this sale can be found here. Insiders have sold 143,632 shares of company stock worth $11,394,700 in the last three months. 0.30% of the stock is currently owned by company insiders.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 EPS for the quarter, beating the consensus estimate of $1.71 by $0.17. Micron Technology had a return on equity of 12.60% and a net margin of 16.20%. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $7.26 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was up 36.5% compared to the same quarter last year. Analysts forecast that Micron Technology, Inc. will post 5.65 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 18th. Shareholders of record on Friday, October 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, September 30th.
A number of research analysts recently issued reports on the stock. Evercore ISI lowered their target price on shares of Micron Technology from $135.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, August 13th. Wedbush reaffirmed a “neutral” rating on shares of Micron Technology in a research report on Monday, June 28th. KeyCorp boosted their price objective on Micron Technology from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, July 1st. Susquehanna reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a report on Thursday, July 1st. Finally, Susquehanna Bancshares reaffirmed a “buy” rating and issued a $150.00 price target on shares of Micron Technology in a research report on Thursday, July 1st. Six equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Buy” and an average price target of $114.37.
Micron Technology Company Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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