Published on January 27th, 2023 📆 | 2499 Views ⚑
0Arvest Trust Co. N A Sells 3,465 Shares of Micron Technology, Inc. (NASDAQ:MU)
Arvest Trust Co. N A cut its position in shares of Micron Technology, Inc. (NASDAQ:MU - Get Rating) by 1.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 270,634 shares of the semiconductor manufacturer's stock after selling 3,465 shares during the quarter. Arvest Trust Co. N A's holdings in Micron Technology were worth $13,559,000 as of its most recent SEC filing.
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A number of other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. increased its stake in shares of Micron Technology by 3,953.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,665,173 shares of the semiconductor manufacturer's stock valued at $133,525,000 after purchasing an additional 2,599,420 shares during the last quarter. FIFTHDELTA Ltd increased its stake in shares of Micron Technology by 288.7% in the 2nd quarter. FIFTHDELTA Ltd now owns 3,377,400 shares of the semiconductor manufacturer's stock valued at $186,703,000 after purchasing an additional 2,508,600 shares during the last quarter. Barclays PLC increased its stake in shares of Micron Technology by 123.3% in the 3rd quarter. Barclays PLC now owns 3,726,636 shares of the semiconductor manufacturer's stock valued at $186,705,000 after purchasing an additional 2,057,970 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Micron Technology by 87.2% in the 2nd quarter. AQR Capital Management LLC now owns 3,716,016 shares of the semiconductor manufacturer's stock valued at $202,263,000 after purchasing an additional 1,731,289 shares during the last quarter. Finally, Maj Invest Holding A S increased its stake in shares of Micron Technology by 108.6% in the 3rd quarter. Maj Invest Holding A S now owns 3,132,941 shares of the semiconductor manufacturer's stock valued at $156,959,000 after purchasing an additional 1,631,006 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors.
Micron Technology Stock Performance
Shares of MU opened at $62.31 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.51 and a quick ratio of 2.23. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $96.50. The company has a 50-day simple moving average of $55.16 and a two-hundred day simple moving average of $56.42. The firm has a market capitalization of $67.99 billion, a PE ratio of 11.40 and a beta of 1.30.
Micron Technology (NASDAQ:MU - Get Rating) last released its earnings results on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Micron Technology had a net margin of 22.78% and a return on equity of 13.26%. The business had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.14 billion. During the same quarter in the previous year, the business posted $2.07 earnings per share. Micron Technology's revenue for the quarter was down 46.9% on a year-over-year basis. On average, analysts anticipate that Micron Technology, Inc. will post -2.51 EPS for the current fiscal year.
Micron Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, January 19th. Investors of record on Tuesday, January 3rd were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend was Friday, December 30th. Micron Technology's dividend payout ratio (DPR) is currently 8.35%.
Insider Activity at Micron Technology
In other Micron Technology news, SVP Robert P. Beard sold 3,000 shares of Micron Technology stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $61.25, for a total value of $183,750.00. Following the completion of the sale, the senior vice president now owns 42,840 shares of the company's stock, valued at approximately $2,623,950. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.33% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on MU shares. Loop Capital started coverage on Micron Technology in a research report on Thursday, October 13th. They set a "buy" rating and a $70.00 price objective on the stock. Bank of America reduced their price objective on Micron Technology from $62.00 to $58.00 and set a "neutral" rating on the stock in a research report on Friday, September 30th. Argus lowered Micron Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 30th. Summit Insights raised Micron Technology from a "hold" rating to a "buy" rating in a report on Friday, September 30th. Finally, Cowen cut their target price on Micron Technology from $70.00 to $66.00 and set an "outperform" rating on the stock in a report on Thursday, December 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $66.21.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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