Drive Wealth Management LLC Sells 2,202 Shares of Micron Technology, Inc. (NASDAQ:MU)

Drive Wealth Management LLC lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 32.5% in the third quarter, HoldingsChannel.com reports. The fund owned 4,574 shares of the semiconductor manufacturer’s stock after selling 2,202 shares during the quarter. Drive Wealth Management LLC’s holdings in Micron Technology were worth $474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. TIAA Trust National Association acquired a new stake in Micron Technology in the 1st quarter valued at about $327,000. Acadian Asset Management LLC raised its position in Micron Technology by 487.7% in the 1st quarter. Acadian Asset Management LLC now owns 132,882 shares of the semiconductor manufacturer’s stock worth $15,660,000 after purchasing an additional 110,271 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Micron Technology by 3.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 98,524 shares of the semiconductor manufacturer’s stock worth $11,615,000 after buying an additional 3,016 shares in the last quarter. Clearbridge Investments LLC boosted its position in Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after buying an additional 20,741 shares during the last quarter. Finally, Capitolis Liquid Global Markets LLC increased its stake in shares of Micron Technology by 46.0% in the 1st quarter. Capitolis Liquid Global Markets LLC now owns 1,269,000 shares of the semiconductor manufacturer’s stock valued at $149,602,000 after buying an additional 400,000 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MU shares. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Susquehanna reduced their target price on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. Wells Fargo & Company dropped their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Wedbush reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Finally, China Renaissance began coverage on shares of Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Stock Down 2.9 %

Shares of Micron Technology stock opened at $96.34 on Monday. The firm has a market cap of $106.82 billion, a PE ratio of 141.68 and a beta of 1.18. The business’s 50 day simple moving average is $101.33 and its 200 day simple moving average is $112.74. 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.

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

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.48%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

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.