Pacer Advisors Inc. Sells 33,778 Shares of Micron Technology, Inc. (NASDAQ:MU)

Pacer Advisors Inc. cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,938 shares of the semiconductor manufacturer’s stock after selling 33,778 shares during the period. Pacer Advisors Inc.’s holdings in Micron Technology were worth $9,726,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MU. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the first quarter valued at about $33,000. Roxbury Financial LLC lifted its stake in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock worth $37,000 after buying an additional 300 shares during the last quarter. AllSquare Wealth Management LLC boosted its holdings in shares of Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 200 shares during the period. Finally, Hurley Capital LLC bought a new stake in shares of Micron Technology during the 4th quarter worth about $37,000. 80.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares of the company’s stock, valued at $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares in the company, valued at approximately $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 288,446 shares of company stock worth $34,871,597 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $111.26 on Monday. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85. The stock’s 50 day moving average is $112.94 and its 200-day moving average is $97.54. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $124.51 billion, a price-to-earnings ratio of 20.05 and a beta of 1.35.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the previous year, the business posted $0.62 EPS. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were issued a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology’s dividend payout ratio is presently 8.29%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MU shares. Morgan Stanley increased their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 26th. KGI Securities downgraded shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 23rd. Bank of America raised their price target on shares of Micron Technology from $84.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, June 26th. Wall Street Zen upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Finally, Piper Sandler raised their price objective on Micron Technology from $120.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.44.

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.