Summit Global Investments Sells 28,382 Shares of Micron Technology, Inc. (NASDAQ:MU)

Summit Global Investments cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 91.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,526 shares of the semiconductor manufacturer’s stock after selling 28,382 shares during the quarter. Summit Global Investments’ holdings in Micron Technology were worth $213,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stone House Investment Management LLC grew its holdings in Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares during the period. True Wealth Design LLC boosted its holdings in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Beacon Capital Management LLC boosted its holdings in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after acquiring an additional 200 shares in the last quarter. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at $33,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in Micron Technology during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

MU stock opened at $94.18 on Wednesday. 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 company’s fifty day moving average price is $96.80 and its 200-day moving average price is $98.45. Micron Technology, Inc. has a one year low of $83.54 and a one year high of $157.54. The company has a market capitalization of $104.93 billion, a PE ratio of 27.14 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the company posted $0.42 EPS. The company’s revenue was up 38.2% compared to the same quarter last year. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s payout ratio is currently 11.03%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company decreased their target price on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Mizuho lowered their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $125.00 price objective on shares of Micron Technology in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and an average price target of $132.63.

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.