Penobscot Wealth Management Trims Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Penobscot Wealth Management cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,964 shares of the semiconductor manufacturer’s stock after selling 735 shares during the quarter. Penobscot Wealth Management’s holdings in Micron Technology were worth $1,106,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sandy Spring Bank increased its stake in shares of Micron Technology by 11.1% during the fourth quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock worth $111,000 after purchasing an additional 130 shares in the last quarter. HMS Capital Management LLC increased its stake in shares of Micron Technology by 0.7% during the fourth quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer’s stock worth $1,693,000 after purchasing an additional 138 shares in the last quarter. Huntington National Bank increased its stake in shares of Micron Technology by 6.0% during the third quarter. Huntington National Bank now owns 2,652 shares of the semiconductor manufacturer’s stock worth $180,000 after purchasing an additional 149 shares in the last quarter. Allworth Financial LP increased its stake in shares of Micron Technology by 3.0% during the fourth quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer’s stock worth $437,000 after purchasing an additional 150 shares in the last quarter. Finally, Homestead Advisers Corp increased its stake in shares of Micron Technology by 12.5% during the third quarter. Homestead Advisers Corp now owns 1,372 shares of the semiconductor manufacturer’s stock worth $93,000 after purchasing an additional 152 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total transaction of $783,510.00. Following the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $80,483,154.57. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 268,890 shares of company stock worth $29,738,667 in the last ninety days. 0.32% of the stock is owned by corporate insiders.

Micron Technology Trading Down 0.2 %

Shares of MU stock traded down $0.20 during trading hours on Thursday, hitting $111.58. The company had a trading volume of 18,231,824 shares, compared to its average volume of 20,560,361. The company’s fifty day moving average is $105.24 and its 200 day moving average is $87.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. Micron Technology, Inc. has a fifty-two week low of $59.34 and a fifty-two week high of $130.54. The stock has a market capitalization of $123.56 billion, a PE ratio of -32.34 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The company had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm’s quarterly revenue was up 57.7% on a year-over-year basis. During the same period in the prior year, the business earned ($2.03) EPS. Research analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Analysts Set New Price Targets

MU has been the subject of a number of research reports. Barclays boosted their target price on shares of Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, March 18th. Piper Sandler boosted their target price on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Monday, March 18th. Citigroup reaffirmed a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a research note on Thursday, April 4th. Finally, StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $122.20.

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.