Wedbush Securities Inc. Trims Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Wedbush Securities Inc. trimmed its stake in Micron Technology, Inc. (NASDAQ:MU) by 2.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,641 shares of the semiconductor manufacturer’s stock after selling 564 shares during the period. Wedbush Securities Inc.’s holdings in Micron Technology were worth $1,906,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Beacon Capital Management LLC grew its position in shares of Micron Technology by 114.9% during 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 during the last quarter. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $33,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Micron Technology during the fourth quarter worth about $34,000. Curio Wealth LLC purchased a new stake in Micron Technology during the 4th quarter valued at approximately $34,000. Finally, Activest Wealth Management grew its position in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 350 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Down 12.9 %

MU stock opened at $64.72 on Friday. Micron Technology, Inc. has a one year low of $63.86 and a one year high of $157.54. The stock has a market capitalization of $72.33 billion, a P/E ratio of 18.65 and a beta of 1.23. The company has a 50 day moving average price of $93.42 and a two-hundred day moving average price of $98.16. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 38.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date is Monday, March 31st. Micron Technology’s payout ratio is currently 11.03%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s 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 completion of the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent analyst reports. Piper Sandler dropped their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $130.00 price target on shares of Micron Technology in a report on Friday, March 21st. The Goldman Sachs Group decreased their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Barclays increased their target price on shares of Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Finally, Wells Fargo & Company decreased their price target on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $129.76.

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.