OLD National Bancorp IN Sells 626 Shares of Micron Technology, Inc. (NASDAQ:MU)

OLD National Bancorp IN reduced its position in Micron Technology, Inc. (NASDAQ:MU) by 8.6% during the fourth quarter, HoldingsChannel reports. The firm owned 6,671 shares of the semiconductor manufacturer’s stock after selling 626 shares during the period. OLD National Bancorp IN’s holdings in Micron Technology were worth $569,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI bought a new stake in shares of Micron Technology in the 4th quarter valued at $398,000. Handelsbanken Fonder AB boosted its stake in Micron Technology by 24.1% during the fourth quarter. Handelsbanken Fonder AB now owns 410,710 shares of the semiconductor manufacturer’s stock worth $35,050,000 after acquiring an additional 79,749 shares in the last quarter. CWM LLC boosted its stake in Micron Technology by 5.8% during the fourth quarter. CWM LLC now owns 21,522 shares of the semiconductor manufacturer’s stock worth $1,837,000 after acquiring an additional 1,175 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Micron Technology by 3.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 114,374 shares of the semiconductor manufacturer’s stock worth $9,761,000 after acquiring an additional 4,005 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in Micron Technology by 6.7% during the fourth quarter. Signaturefd LLC now owns 22,039 shares of the semiconductor manufacturer’s stock worth $1,881,000 after acquiring an additional 1,391 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Cowen increased their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. Cantor Fitzgerald raised their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Friday, April 12th. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $111.78 on Thursday. The company has a 50 day moving average of $104.64 and a 200 day moving average of $87.69. Micron Technology, Inc. has a 12 month low of $58.03 and a 12 month high of $130.54. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the company earned ($2.03) EPS. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. On average, sell-side analysts expect that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $86,789,214.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were 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 in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The disclosure for this sale can be found here. Insiders sold a total of 261,890 shares of company stock valued at $28,955,157 in the last quarter. 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.