Stonebridge Capital Management Inc. Trims Position in Micron Technology, Inc. (NASDAQ:MU)

Stonebridge Capital Management Inc. trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 6.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 6,430 shares of the semiconductor manufacturer’s stock after selling 470 shares during the period. Stonebridge Capital Management Inc.’s holdings in Micron Technology were worth $758,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cary Street Partners Investment Advisory LLC increased its holdings in Micron Technology by 52.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 2,951 shares of the semiconductor manufacturer’s stock valued at $201,000 after buying an additional 1,018 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Micron Technology in the third quarter valued at approximately $2,669,000. Parkside Financial Bank & Trust grew its position in shares of Micron Technology by 10.6% in the third quarter. Parkside Financial Bank & Trust now owns 3,431 shares of the semiconductor manufacturer’s stock valued at $233,000 after purchasing an additional 329 shares during the last quarter. Operose Advisors LLC acquired a new stake in shares of Micron Technology in the third quarter valued at approximately $53,000. Finally, Mutual Advisors LLC grew its position in shares of Micron Technology by 112.9% in the third quarter. Mutual Advisors LLC now owns 10,288 shares of the semiconductor manufacturer’s stock valued at $700,000 after purchasing an additional 5,456 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares in the company, valued at $90,780,874.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the transaction, the chief executive officer now directly owns 743,557 shares in the company, valued at approximately $90,780,874.13. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is owned by insiders.

Micron Technology Stock Down 6.4 %

MU traded down $9.07 on Thursday, reaching $133.29. 32,660,416 shares of the company traded hands, compared to its average volume of 20,309,389. The stock’s 50 day moving average price is $126.64 and its 200-day moving average price is $105.26. Micron Technology, Inc. has a 52-week low of $60.50 and a 52-week high of $157.54. The company has a market cap of $147.60 billion, a price-to-earnings ratio of -38.96 and a beta of 1.21. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.57) earnings per share. On average, sell-side analysts expect that Micron Technology, Inc. will post 0.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent analyst reports. UBS Group increased their price target on shares of Micron Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. TD Cowen increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price target on shares of Micron Technology in a research note on Tuesday. Citigroup raised their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Monday. Finally, Susquehanna raised their target price on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research note on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.60.

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.