Argent Trust Co Sells 3,445 Shares of Micron Technology, Inc. (NASDAQ:MU)

Argent Trust Co lowered its stake in Micron Technology, Inc. (NASDAQ:MU) by 6.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,041 shares of the semiconductor manufacturer’s stock after selling 3,445 shares during the period. Argent Trust Co’s holdings in Micron Technology were worth $6,845,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in Micron Technology by 22.2% during the 1st 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 during the last quarter. Capital International Investors boosted its stake in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Swedbank AB boosted its stake in Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after purchasing an additional 2,187,460 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Micron Technology by 301,500.0% during the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Micron Technology by 28.9% during the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after purchasing an additional 1,695,876 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of Micron Technology in a research note on Thursday, June 27th. Wolfe Research raised their price target on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Needham & Company LLC dropped their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Robert W. Baird raised their price target on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research note on Monday, June 24th. Finally, The Goldman Sachs Group raised their price target on Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.12.

Insider Transactions at Micron Technology

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

Micron Technology Price Performance

NASDAQ:MU opened at $88.73 on Wednesday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The business’s 50-day simple moving average is $102.46 and its two-hundred day simple moving average is $114.96. The stock has a market cap of $98.39 billion, a PE ratio of -62.49 and a beta of 1.17. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period last year, the firm earned ($1.57) earnings per share. As a group, analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.52%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

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.