Petredis Investment Advisors LLC Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Petredis Investment Advisors LLC lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 0.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,331 shares of the semiconductor manufacturer’s stock after selling 330 shares during the period. Petredis Investment Advisors LLC’s holdings in Micron Technology were worth $3,226,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MU. AQR Capital Management LLC lifted its stake in shares of Micron Technology by 360.7% in the 2nd quarter. AQR Capital Management LLC now owns 467,026 shares of the semiconductor manufacturer’s stock valued at $61,428,000 after purchasing an additional 365,647 shares during the period. APG Asset Management N.V. increased its position in Micron Technology by 12.6% during the 2nd quarter. APG Asset Management N.V. now owns 783,544 shares of the semiconductor manufacturer’s stock valued at $96,160,000 after buying an additional 87,485 shares in the last quarter. Deerfield Management Company L.P. Series C increased its position in Micron Technology by 78.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 6,793 shares of the semiconductor manufacturer’s stock valued at $893,000 after buying an additional 2,996 shares in the last quarter. MBB Public Markets I LLC increased its position in Micron Technology by 12.4% during the 2nd quarter. MBB Public Markets I LLC now owns 417,731 shares of the semiconductor manufacturer’s stock valued at $54,944,000 after buying an additional 46,156 shares in the last quarter. Finally, Maverick Capital Ltd. increased its position in Micron Technology by 3,471.0% during the 2nd quarter. Maverick Capital Ltd. now owns 638,639 shares of the semiconductor manufacturer’s stock valued at $84,000,000 after buying an additional 620,755 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

NASDAQ MU opened at $103.19 on Friday. The company has a market capitalization of $114.97 billion, a PE ratio of 29.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The business’s fifty day moving average is $98.22 and its 200 day moving average is $101.72. Micron Technology, Inc. has a fifty-two week low of $79.15 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the previous year, the business earned ($0.95) earnings per share. The business’s revenue was up 84.3% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 6.29 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s payout ratio is currently 13.26%.

Analyst Ratings Changes

MU has been the subject of a number of analyst reports. Stifel Nicolaus reduced their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. TD Cowen reduced their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. China Renaissance started coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. Wedbush reissued an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. reduced their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $135.24.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

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.