Ballentine Partners LLC Sells 12,641 Shares of Micron Technology, Inc. (NASDAQ:MU)

Ballentine Partners LLC decreased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 8.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 130,686 shares of the semiconductor manufacturer’s stock after selling 12,641 shares during the quarter. Ballentine Partners LLC’s holdings in Micron Technology were worth $17,189,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MU. Clearbridge Investments LLC increased its position in Micron Technology by 1.1% in the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares in the last quarter. Chapin Davis Inc. bought a new stake in Micron Technology during the 2nd quarter worth approximately $4,056,000. Norden Group LLC lifted its holdings in Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares in the last quarter. TCW Group Inc. boosted its position in shares of Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in shares of Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on MU shares. JPMorgan Chase & Co. increased their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company lifted their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Raymond James upped their target price on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. The Goldman Sachs Group boosted their price target on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, Bank of America raised their price objective on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $157.12.

Micron Technology Stock Down 3.4 %

Shares of MU traded down $3.01 during midday trading on Friday, reaching $86.38. 23,388,281 shares of the stock were exchanged, compared to its average volume of 21,325,547. The company has a market capitalization of $95.78 billion, a P/E ratio of -60.83 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 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. The company’s 50 day moving average is $108.72 and its two-hundred day moving average is $114.80.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion for 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%. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. During the same period last year, the company posted ($1.57) earnings per share. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total transaction of $941,990.00. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $96,762,423.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Insiders sold a total of 46,174 shares of company stock worth $6,827,113 over the last three months. Corporate insiders own 0.32% of the company’s stock.

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.