Bailard Inc. Sells 5,124 Shares of Micron Technology, Inc. (NASDAQ:MU)

Bailard Inc. lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 8.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,325 shares of the semiconductor manufacturer’s stock after selling 5,124 shares during the quarter. Bailard Inc.’s holdings in Micron Technology were worth $7,277,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of MU. Catalyst Financial Partners LLC increased its stake in shares of Micron Technology by 4.8% in the 2nd quarter. Catalyst Financial Partners LLC now owns 4,422 shares of the semiconductor manufacturer’s stock valued at $582,000 after purchasing an additional 201 shares during the last quarter. IMA Advisory Services Inc. bought a new position in Micron Technology in the second quarter valued at about $2,705,000. New Millennium Group LLC acquired a new position in Micron Technology during the second quarter worth about $39,000. First Heartland Consultants Inc. raised its stake in Micron Technology by 227.2% during the second quarter. First Heartland Consultants Inc. now owns 12,329 shares of the semiconductor manufacturer’s stock worth $1,622,000 after acquiring an additional 8,561 shares in the last quarter. Finally, Independence Bank of Kentucky lifted its holdings in shares of Micron Technology by 100.1% in the second quarter. Independence Bank of Kentucky now owns 2,161 shares of the semiconductor manufacturer’s stock worth $284,000 after acquiring an additional 1,081 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. Insiders have sold a total of 60,174 shares of company stock valued at $8,635,073 over the last 90 days. 0.32% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MU shares. TD Cowen boosted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a research note on Tuesday, June 25th. Wolfe Research lifted their price objective on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. The Goldman Sachs Group increased their target price on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, Mizuho boosted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $157.12.

Micron Technology Stock Performance

NASDAQ MU traded down $3.94 on Monday, hitting $98.91. 26,719,264 shares of the stock traded hands, compared to its average volume of 21,368,430. Micron Technology, Inc. has a 12 month low of $63.83 and a 12 month high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The business’s fifty day moving average is $117.57 and its two-hundred day moving average is $114.35. The firm has a market capitalization of $109.68 billion, a price-to-earnings ratio of -69.65 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.57) EPS. As a group, equities analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.47%. Micron Technology’s payout ratio is presently -32.39%.

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.