Arete Wealth Advisors LLC Lowers Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Arete Wealth Advisors LLC cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 19.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,024 shares of the semiconductor manufacturer’s stock after selling 4,379 shares during the period. Arete Wealth Advisors LLC’s holdings in Micron Technology were worth $1,868,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Micron Technology in the 2nd quarter valued at approximately $28,000. Davis Capital Management purchased a new position in shares of Micron Technology in the 3rd quarter valued at approximately $30,000. True Wealth Design LLC grew its position in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the last quarter. Finally, Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 144 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Micron Technology Price Performance

NASDAQ:MU opened at $98.10 on Wednesday. The firm has a market cap of $109.29 billion, a price-to-earnings ratio of 144.27 and a beta of 1.16. 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 is $103.64 and its two-hundred day moving average is $110.23. Micron Technology, Inc. has a 12-month low of $76.96 and a 12-month high of $157.54.

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

Micron Technology Announces Dividend

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

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Robert W. Baird lowered their target price on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, September 27th. Raymond James lifted their price objective on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Bank of America lifted their price target 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, UBS Group decreased their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

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.