Yacktman Asset Management LP Sells 210,000 Shares of Micron Technology, Inc. (NASDAQ:MU)

Yacktman Asset Management LP lessened its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 87.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,000 shares of the semiconductor manufacturer’s stock after selling 210,000 shares during the quarter. Yacktman Asset Management LP’s holdings in Micron Technology were worth $3,946,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MU. Tidemark LLC purchased a new position in shares of Micron Technology in the 4th quarter worth approximately $25,000. DecisionPoint Financial LLC purchased a new position in Micron Technology in the first quarter worth $25,000. Pingora Partners LLC acquired a new stake in Micron Technology in the fourth quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Micron Technology in the second quarter worth $28,000. Finally, Frank Rimerman Advisors LLC purchased a new stake in Micron Technology during the 4th quarter valued at about $29,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Up 0.4 %

NASDAQ MU traded up $0.36 on Thursday, hitting $89.65. 5,806,896 shares of the stock traded hands, compared to its average volume of 21,266,211. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $99.41 billion, a P/E ratio of -63.54 and a beta of 1.18. The stock has a 50-day moving average of $110.48 and a 200 day moving average of $114.69.

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

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Buying and Selling

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $96,762,423.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total transaction of $941,990.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $96,762,423.93. The disclosure for this sale can be found here. Insiders have sold a total of 46,174 shares of company stock valued at $6,827,113 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MU shares. KeyCorp dropped their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Mizuho lifted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. UBS Group cut their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Raymond James increased their price objective on Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Finally, Stifel Nicolaus upped their price target on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Two research 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, the company has an average rating of “Moderate Buy” and an average target price of $157.12.

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.