Trustmark National Bank Trust Department Cuts Position in Micron Technology, Inc. (NASDAQ:MU)

Trustmark National Bank Trust Department trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 79.5% during the third quarter, Holdings Channel reports. The institutional investor owned 2,823 shares of the semiconductor manufacturer’s stock after selling 10,927 shares during the quarter. Trustmark National Bank Trust Department’s holdings in Micron Technology were worth $293,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MU. Primecap Management Co. CA boosted its holdings in Micron Technology by 0.6% in the third quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after purchasing an additional 206,499 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Micron Technology by 30.6% in the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after purchasing an additional 2,477,985 shares in the last quarter. Boston Partners boosted its holdings in Micron Technology by 1.4% in the first quarter. Boston Partners now owns 4,536,283 shares of the semiconductor manufacturer’s stock valued at $534,189,000 after purchasing an additional 61,127 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Micron Technology by 7.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,276,245 shares of the semiconductor manufacturer’s stock valued at $443,489,000 after purchasing an additional 295,452 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. Stifel Nicolaus decreased their price target on Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Morgan Stanley increased their price target on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. Finally, Bank of America increased their price target on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Price Performance

MU stock opened at $102.43 on Friday. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. The stock’s 50 day moving average is $102.23 and its two-hundred day moving average is $112.35.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the firm posted ($1.21) EPS. The business’s revenue for the quarter was up 93.3% compared to the same quarter last year. Analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The stock was 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 directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.32% of the stock is currently owned by company insiders.

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.