Lake Street Advisors Group LLC Decreases Stake in Micron Technology, Inc. (NASDAQ:MU)

Lake Street Advisors Group LLC cut its holdings in Micron Technology, Inc. (NASDAQ:MU) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,545 shares of the semiconductor manufacturer’s stock after selling 544 shares during the period. Lake Street Advisors Group LLC’s holdings in Micron Technology were worth $990,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealthcare Advisory Partners LLC increased its position in Micron Technology by 8.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 11,053 shares of the semiconductor manufacturer’s stock worth $1,303,000 after purchasing an additional 815 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Micron Technology by 13.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 76,479 shares of the semiconductor manufacturer’s stock worth $9,016,000 after acquiring an additional 9,179 shares during the period. Independence Bank of Kentucky purchased a new position in Micron Technology in the 1st quarter worth approximately $127,000. Occidental Asset Management LLC purchased a new position in shares of Micron Technology during the 1st quarter valued at approximately $252,000. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in shares of Micron Technology during the 1st quarter valued at approximately $273,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $107.91 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The stock has a market cap of $119.66 billion, a price-to-earnings ratio of -75.99 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $63.88 and a fifty-two week high of $157.54. The firm’s 50-day simple moving average is $99.23 and its 200 day simple moving average is $114.05.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results 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. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.21) earnings per share. As a group, research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Rosenblatt Securities raised their target price on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Bank of America lifted their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. TD Cowen lifted their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Stifel Nicolaus dropped their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, UBS Group dropped their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $142.85.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.32% of the company’s stock.

Micron Technology Company 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.