Atreides Management LP Sells 340,350 Shares of Micron Technology, Inc. (NASDAQ:MU)

Atreides Management LP decreased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 46.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 386,550 shares of the semiconductor manufacturer’s stock after selling 340,350 shares during the quarter. Micron Technology makes up approximately 1.0% of Atreides Management LP’s portfolio, making the stock its 24th biggest position. Atreides Management LP’s holdings in Micron Technology were worth $40,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MU. Transcend Capital Advisors LLC boosted its position in Micron Technology by 41.0% during the second quarter. Transcend Capital Advisors LLC now owns 3,969 shares of the semiconductor manufacturer’s stock valued at $522,000 after purchasing an additional 1,155 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Micron Technology by 26.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 3,371 shares of the semiconductor manufacturer’s stock valued at $443,000 after purchasing an additional 708 shares in the last quarter. Mather Group LLC. boosted its position in Micron Technology by 7.9% during the second quarter. Mather Group LLC. now owns 8,045 shares of the semiconductor manufacturer’s stock valued at $1,058,000 after purchasing an additional 592 shares in the last quarter. Olistico Wealth LLC bought a new stake in Micron Technology during the second quarter valued at about $180,000. Finally, Kingswood Wealth Advisors LLC boosted its holdings in Micron Technology by 23.0% in the second quarter. Kingswood Wealth Advisors LLC now owns 16,896 shares of the semiconductor manufacturer’s stock worth $2,222,000 after acquiring an additional 3,159 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 0.3 %

Shares of MU stock opened at $97.95 on Monday. The stock has a market cap of $109.12 billion, a P/E ratio of 144.05 and a beta of 1.18. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The stock has a 50 day moving average of $103.60 and a 200 day moving average of $111.32. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue was up 93.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.21) earnings per share. As a group, sell-side analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. Micron Technology’s dividend payout ratio is currently 67.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MU shares. KeyCorp lowered their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. TD Cowen raised their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. UBS Group lowered their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price target for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Finally, Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.