Mutual of America Capital Management LLC Trims Stake in Micron Technology, Inc. (NASDAQ:MU)

by · The Markets Daily

Mutual of America Capital Management LLC lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 3.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 139,647 shares of the semiconductor manufacturer’s stock after selling 5,087 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Micron Technology were worth $18,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. TrinityPoint Wealth LLC grew its holdings in Micron Technology by 33.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after purchasing an additional 8,736 shares during the period. Gladstone Institutional Advisory LLC purchased a new stake in Micron Technology in the fourth quarter worth about $241,000. Coldstream Capital Management Inc. grew its holdings in Micron Technology by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,702 shares of the semiconductor manufacturer’s stock worth $999,000 after purchasing an additional 476 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Micron Technology by 12.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,889 shares of the semiconductor manufacturer’s stock worth $332,000 after purchasing an additional 424 shares during the period. Finally, Alpha Family Trust purchased a new stake in Micron Technology in the fourth quarter worth about $535,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. KeyCorp cut their price target on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Susquehanna cut their price target on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a report on Thursday, August 22nd. Needham & Company LLC cut their price target on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, Cantor Fitzgerald increased their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.12.

Check Out Our Latest Report on MU

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $88.73 on Wednesday. The firm has a fifty day simple moving average of $102.46 and a two-hundred day simple moving average of $114.96. The stock has a market capitalization of $98.39 billion, a P/E ratio of -62.49 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU – Get Free Report) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the business earned ($1.57) EPS. On average, analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.52%. Micron Technology’s payout ratio is -32.39%.

Micron Technology Company Profile

(Free Report)

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.

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