BNP Paribas Lowers Holdings in Micron Technology, Inc. (NASDAQ:MU)

BNP Paribas reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 24.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,559 shares of the semiconductor manufacturer’s stock after selling 8,708 shares during the period. BNP Paribas’ holdings in Micron Technology were worth $2,754,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MU. Advisors Asset Management Inc. raised its stake in shares of Micron Technology by 513.5% in the first quarter. Advisors Asset Management Inc. now owns 5,902 shares of the semiconductor manufacturer’s stock valued at $696,000 after acquiring an additional 4,940 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Micron Technology by 18.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 26,964 shares of the semiconductor manufacturer’s stock worth $3,179,000 after purchasing an additional 4,230 shares during the period. Tidal Investments LLC raised its position in Micron Technology by 50.8% in the 1st quarter. Tidal Investments LLC now owns 66,971 shares of the semiconductor manufacturer’s stock valued at $7,900,000 after purchasing an additional 22,572 shares in the last quarter. Comerica Bank boosted its stake in shares of Micron Technology by 21.0% in the 1st quarter. Comerica Bank now owns 258,879 shares of the semiconductor manufacturer’s stock valued at $30,519,000 after buying an additional 44,853 shares during the period. Finally, Plato Investment Management Ltd grew its position in shares of Micron Technology by 1,728.9% during the first quarter. Plato Investment Management Ltd now owns 13,095 shares of the semiconductor manufacturer’s stock worth $1,544,000 after buying an additional 12,379 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Down 2.6 %

Shares of NASDAQ:MU opened at $101.80 on Wednesday. The company has a market cap of $112.87 billion, a price-to-earnings ratio of 149.71 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54. The firm’s 50-day simple moving average is $103.07 and its 200-day simple moving average is $111.90. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

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, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm 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 business posted ($1.21) earnings per share. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on MU. Wedbush reaffirmed an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. TD Cowen lifted their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and dropped their target price for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Rosenblatt Securities raised their price target on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Company 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.