Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Rice Partnership LLC

Rice Partnership LLC reduced its holdings in Micron Technology, Inc. (NASDAQ:MU) by 6.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,984 shares of the semiconductor manufacturer’s stock after selling 4,471 shares during the quarter. Micron Technology comprises 1.1% of Rice Partnership LLC’s investment portfolio, making the stock its 28th biggest holding. Rice Partnership LLC’s holdings in Micron Technology were worth $5,299,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MU. Maj Invest Holding A S acquired a new position in Micron Technology during the first quarter worth $87,000. Concurrent Investment Advisors LLC grew its position in shares of Micron Technology by 63.7% in the first quarter. Concurrent Investment Advisors LLC now owns 12,891 shares of the semiconductor manufacturer’s stock valued at $1,120,000 after purchasing an additional 5,018 shares during the period. Braun Stacey Associates Inc. grew its position in shares of Micron Technology by 1.6% in the first quarter. Braun Stacey Associates Inc. now owns 232,403 shares of the semiconductor manufacturer’s stock valued at $20,193,000 after purchasing an additional 3,687 shares during the period. HM Payson & Co. grew its position in shares of Micron Technology by 25.0% in the first quarter. HM Payson & Co. now owns 1,958 shares of the semiconductor manufacturer’s stock valued at $170,000 after purchasing an additional 392 shares during the period. Finally, World Investment Advisors grew its position in shares of Micron Technology by 13.2% in the first quarter. World Investment Advisors now owns 8,228 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 959 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $122.03 on Friday. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $136.50. The business has a fifty day simple moving average of $103.57 and a 200 day simple moving average of $94.80. The firm has a market cap of $136.56 billion, a price-to-earnings ratio of 21.99 and a beta of 1.35.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the prior year, the business posted $0.62 earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. The ex-dividend date is Monday, July 7th. Micron Technology’s payout ratio is presently 8.29%.

Insiders Place Their Bets

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the firm’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the transaction, the executive vice president owned 201,326 shares in the company, valued at $25,264,399.74. This trade represents a 31.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares of the company’s stock, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,446 shares of company stock valued at $31,154,717 in the last quarter. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MU has been the subject of a number of research reports. Rosenblatt Securities boosted their price target on Micron Technology from $172.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, June 23rd. Raymond James Financial boosted their price target on Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, June 26th. Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. China Renaissance cut Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research note on Wednesday, March 26th. Finally, Bank of America upped their target price on Micron Technology from $84.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $146.21.

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.