Fortitude Advisory Group L.L.C. Reduces Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Fortitude Advisory Group L.L.C. lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 29.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,949 shares of the semiconductor manufacturer’s stock after selling 1,250 shares during the period. Fortitude Advisory Group L.L.C.’s holdings in Micron Technology were worth $252,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new position in shares of Micron Technology in the third quarter worth $27,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Micron Technology in the third quarter worth $28,000. VisionPoint Advisory Group LLC increased its holdings in shares of Micron Technology by 68.3% in the third quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 198 shares during the period. Cape Investment Advisory Inc. increased its holdings in shares of Micron Technology by 51.0% in the third quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock worth $40,000 after purchasing an additional 200 shares during the period. Finally, Clear Street Markets LLC increased its holdings in shares of Micron Technology by 67.5% in the third quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock worth $42,000 after purchasing an additional 251 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total transaction of $574,210.00. Following the sale, the chief executive officer now owns 788,557 shares of the company’s stock, valued at $64,685,330.71. The disclosure for this sale can be found here. Insiders sold 261,890 shares of company stock valued at $29,129,527 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $0.95 on Thursday, reaching $110.65. 4,741,216 shares of the company’s stock traded hands, compared to its average volume of 20,187,166. Micron Technology, Inc. has a 12 month low of $59.55 and a 12 month high of $130.54. The business’s 50 day simple moving average is $107.85 and its two-hundred day simple moving average is $89.19. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter last year, the firm earned ($2.03) earnings per share. Equities analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is currently -13.33%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MU. Needham & Company LLC increased their target price on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Robert W. Baird increased their target price on Micron Technology from $78.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, March 19th. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Thursday, March 21st. Bank of America increased their target price on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, UBS Group increased their target price on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $122.20.

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.