Pekin Hardy Strauss Inc. Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Pekin Hardy Strauss Inc. decreased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 28.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,010 shares of the semiconductor manufacturer’s stock after selling 1,625 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Micron Technology were worth $342,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MU. Northern Trust Corp boosted its position in Micron Technology by 0.7% during the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after purchasing an additional 80,345 shares in the last quarter. L2 Asset Management LLC lifted its stake in shares of Micron Technology by 492.3% during the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock worth $1,799,000 after purchasing an additional 21,979 shares during the period. Invesco Ltd. increased its stake in Micron Technology by 11.8% in the third quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after purchasing an additional 927,302 shares during the last quarter. Merlin Capital Inc acquired a new stake in Micron Technology in the 3rd quarter worth about $407,000. Finally, Amitell Capital Pte Ltd grew its holdings in Micron Technology by 97.9% in the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after buying an additional 47,105 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the transaction, the chief executive officer now directly owns 728,557 shares in the company, valued at $94,712,410. The disclosure for this sale can be found here. Insiders have sold a total of 261,890 shares of company stock valued at $29,129,527 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Cantor Fitzgerald lifted their target price on Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Morgan Stanley increased their target price on shares of Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research report on Thursday, March 21st. Rosenblatt Securities reiterated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Monday, March 18th. KeyCorp raised their target price on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Stock Down 2.9 %

Shares of NASDAQ MU opened at $109.70 on Thursday. Micron Technology, Inc. has a 1 year low of $59.55 and a 1 year high of $130.54. The stock has a fifty day moving average price of $107.85 and a two-hundred day moving average price of $89.19. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($2.03) EPS. As a group, equities analysts forecast that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

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.