Sovereign Financial Group Inc. Decreases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Sovereign Financial Group Inc. lowered its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 9.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,283 shares of the semiconductor manufacturer’s stock after selling 661 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Micron Technology were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Signal Advisors Wealth LLC increased its position in shares of Micron Technology by 1.0% during the 4th quarter. Signal Advisors Wealth LLC now owns 12,744 shares of the semiconductor manufacturer’s stock valued at $1,074,000 after purchasing an additional 129 shares during the last quarter. PSI Advisors LLC boosted its stake in Micron Technology by 27.9% during the fourth quarter. PSI Advisors LLC now owns 3,553 shares of the semiconductor manufacturer’s stock worth $299,000 after buying an additional 775 shares during the period. Benson Investment Management Company Inc. bought a new position in Micron Technology during the fourth quarter valued at $4,178,000. Courier Capital LLC raised its stake in shares of Micron Technology by 3.5% in the fourth quarter. Courier Capital LLC now owns 8,885 shares of the semiconductor manufacturer’s stock valued at $748,000 after acquiring an additional 300 shares during the period. Finally, Miracle Mile Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter worth about $253,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MU has been the topic of several analyst reports. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Stifel Nicolaus reduced their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Susquehanna dropped their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. The Goldman Sachs Group reduced their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, KeyCorp lowered their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Price Performance

MU opened at $97.36 on Wednesday. The firm has a market capitalization of $108.46 billion, a PE ratio of 143.18 and a beta of 1.16. The business’s 50-day moving average is $98.39 and its two-hundred day moving average is $102.65. Micron Technology, Inc. has a 1 year low of $79.15 and a 1 year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the previous year, the business posted ($0.95) EPS. Micron Technology’s revenue was up 84.3% on a year-over-year basis. Research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.47%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio is presently 67.65%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

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.