Harvest Fund Management Co. Ltd Sells 56,998 Shares of Micron Technology, Inc. (NASDAQ:MU)

Harvest Fund Management Co. Ltd lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 52.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,720 shares of the semiconductor manufacturer’s stock after selling 56,998 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Micron Technology were worth $5,363,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MU. Fisher Asset Management LLC raised its holdings in shares of Micron Technology by 6.5% in the third quarter. Fisher Asset Management LLC now owns 50,470 shares of the semiconductor manufacturer’s stock valued at $5,234,000 after buying an additional 3,069 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Micron Technology by 6.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 230,851 shares of the semiconductor manufacturer’s stock valued at $23,941,000 after acquiring an additional 13,035 shares in the last quarter. Garner Asset Management Corp raised its stake in shares of Micron Technology by 28.2% in the third quarter. Garner Asset Management Corp now owns 4,634 shares of the semiconductor manufacturer’s stock worth $481,000 after acquiring an additional 1,020 shares during the last quarter. Summit Trail Advisors LLC lifted its position in shares of Micron Technology by 11.7% during the third quarter. Summit Trail Advisors LLC now owns 16,857 shares of the semiconductor manufacturer’s stock worth $1,748,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Micron Technology during the third quarter valued at approximately $40,901,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

NASDAQ MU opened at $102.64 on Monday. 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 52-week low of $72.93 and a 52-week high of $157.54. The business has a 50 day simple moving average of $102.46 and a 200 day simple moving average of $112.13. The stock has a market cap of $113.80 billion, a price-to-earnings ratio of 150.94 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.21) earnings per share. Analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. 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 67.65%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MU. KeyCorp dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Cantor Fitzgerald restated an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. UBS Group cut their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Morgan Stanley lifted their price objective on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Finally, Raymond James boosted their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by insiders.

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.