Penobscot Wealth Management Has $1.11 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Penobscot Wealth Management reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,964 shares of the semiconductor manufacturer’s stock after selling 735 shares during the period. Penobscot Wealth Management’s holdings in Micron Technology were worth $1,106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MU. Vanguard Group Inc. raised its holdings in Micron Technology by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 94,229,187 shares of the semiconductor manufacturer’s stock valued at $6,410,412,000 after acquiring an additional 305,860 shares in the last quarter. FMR LLC raised its holdings in Micron Technology by 47.9% in the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after acquiring an additional 7,089,790 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the last quarter. Morgan Stanley increased its stake in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Micron Technology by 0.7% in the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after purchasing an additional 80,345 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 0.2 %

Shares of NASDAQ:MU traded down $0.20 during midday trading on Thursday, reaching $111.58. The company’s stock had a trading volume of 18,231,824 shares, compared to its average volume of 20,560,361. The firm has a market capitalization of $123.56 billion, a price-to-earnings ratio of -32.34 and a beta of 1.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The firm has a 50 day moving average price of $105.24 and a two-hundred day moving average price of $87.85. Micron Technology, Inc. has a fifty-two week low of $59.34 and a fifty-two week high of $130.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The company had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm’s revenue was up 57.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.03) EPS. As a group, analysts forecast that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is currently -13.33%.

Analyst Ratings Changes

Several brokerages have recently issued reports on MU. TD Cowen lifted their price target on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, March 21st. Bank of America lifted their price target on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Morgan Stanley lifted their price target on Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research note on Thursday, March 21st. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Finally, Barclays lifted their price target on Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total transaction of $783,510.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $111.93, for a total value of $783,510.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $80,483,154.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 268,890 shares of company stock valued at $29,738,667. 0.32% of the stock is owned by company insiders.

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.