BOCHK Asset Management Ltd Sells 119,371 Shares of Micron Technology, Inc. (NASDAQ:MU)

BOCHK Asset Management Ltd lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 92.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,029 shares of the semiconductor manufacturer’s stock after selling 119,371 shares during the quarter. BOCHK Asset Management Ltd’s holdings in Micron Technology were worth $1,040,000 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. DecisionPoint Financial LLC purchased a new position in Micron Technology in the 1st quarter worth approximately $25,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology in the second quarter worth $28,000. Valued Wealth Advisors LLC increased its stake in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the last quarter. Davis Capital Management bought a new position in Micron Technology in the third quarter valued at $30,000. Finally, Richard W. Paul & Associates LLC raised its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 1.4 %

Shares of MU stock traded up $1.52 during trading hours on Thursday, reaching $106.57. 6,894,575 shares of the stock were exchanged, compared to its average volume of 22,097,770. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $99.23 and its 200-day moving average price is $114.10. Micron Technology, Inc. has a 12-month low of $63.88 and a 12-month high of $157.54. The firm has a market capitalization of $118.17 billion, a price-to-earnings ratio of -75.39 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates 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 for the quarter was up 93.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.21) EPS. As a group, equities analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research reports. Wells Fargo & Company cut their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Stifel Nicolaus dropped their target price on Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Piper Sandler lifted their price target on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Bank of America increased their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Citigroup decreased their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.85.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The shares were 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 $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is 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.