Meridian Wealth Management LLC Reduces Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Meridian Wealth Management LLC cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 39.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,245 shares of the semiconductor manufacturer’s stock after selling 2,795 shares during the period. Meridian Wealth Management LLC’s holdings in Micron Technology were worth $357,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in MU. Beacon Capital Management LLC boosted its holdings in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after buying an additional 200 shares in the last quarter. True Wealth Design LLC boosted its holdings in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Midwest Capital Advisors LLC purchased a new stake in Micron Technology during the fourth quarter worth $33,000. Stone House Investment Management LLC boosted its holdings in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 277 shares in the last quarter. Finally, Activest Wealth Management raised its position in Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 350 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Up 3.4 %

Shares of MU opened at $94.34 on Thursday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 12-month low of $83.54 and a 12-month high of $157.54. The firm has a 50-day moving average price of $95.91 and a 200 day moving average price of $98.60. The firm has a market capitalization of $105.11 billion, a P/E ratio of 27.19 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.95) earnings per share. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MU shares. Wells Fargo & Company reduced their price objective on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group reduced their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Morgan Stanley reduced their price objective on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald reduced their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $134.96.

About Micron Technology

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.