Profund Advisors LLC Lowers Holdings in Micron Technology, Inc. (NASDAQ:MU)

Profund Advisors LLC cut its position in Micron Technology, Inc. (NASDAQ:MUGet Rating) by 8.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,798 shares of the semiconductor manufacturer’s stock after selling 8,205 shares during the quarter. Profund Advisors LLC’s holdings in Micron Technology were worth $4,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Wagner Wealth Management LLC purchased a new stake in shares of Micron Technology during the 2nd quarter valued at $29,000. Washington Trust Advisors Inc. raised its position in shares of Micron Technology by 59.2% during the 3rd quarter. Washington Trust Advisors Inc. now owns 551 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 205 shares in the last quarter. Financial Management Professionals Inc. raised its position in shares of Micron Technology by 44.7% during the 3rd quarter. Financial Management Professionals Inc. now owns 689 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 213 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of Micron Technology by 207.0% during the 3rd quarter. Sound Income Strategies LLC now owns 706 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 476 shares during the last quarter. Finally, Trust Co. of Vermont bought a new position in shares of Micron Technology during the 2nd quarter valued at $40,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Down 1.0 %

Micron Technology stock traded down $0.61 during trading hours on Wednesday, hitting $60.65. The stock had a trading volume of 3,247,122 shares, compared to its average volume of 13,930,813. The company has a quick ratio of 2.23, a current ratio of 3.51 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $66.18 billion, a P/E ratio of 11.12 and a beta of 1.30. Micron Technology, Inc. has a 12-month low of $48.43 and a 12-month high of $96.50. The stock’s 50-day moving average price is $55.02 and its 200-day moving average price is $56.33.

Micron Technology (NASDAQ:MUGet Rating) last issued its earnings results on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Micron Technology had a return on equity of 13.26% and a net margin of 22.78%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.14 billion. During the same period last year, the firm posted $2.07 earnings per share. The firm’s quarterly revenue was down 46.9% on a year-over-year basis. Equities research analysts anticipate that Micron Technology, Inc. will post -2.51 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 19th. Stockholders of record on Tuesday, January 3rd were paid a $0.115 dividend. The ex-dividend date was Friday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.76%. Micron Technology’s dividend payout ratio is presently 8.35%.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of Micron Technology from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, December 7th. Deutsche Bank Aktiengesellschaft lowered shares of Micron Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $60.00 to $55.00 in a report on Monday, December 12th. Cowen cut their price target on shares of Micron Technology from $70.00 to $66.00 and set an “outperform” rating on the stock in a report on Thursday, December 22nd. BMO Capital Markets cut their price target on shares of Micron Technology from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, September 30th. Finally, Loop Capital assumed coverage on shares of Micron Technology in a report on Thursday, October 13th. They issued a “buy” rating and a $70.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $66.21.

About Micron Technology

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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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

Further Reading

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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