Portolan Capital Management LLC Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Portolan Capital Management LLC trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 63.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 43,990 shares of the semiconductor manufacturer’s stock after selling 77,113 shares during the quarter. Portolan Capital Management LLC’s holdings in Micron Technology were worth $4,562,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Harmony Asset Management LLC raised its position in shares of Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 5,120 shares during the last quarter. Lazard Freres Gestion S.A.S. increased its position in Micron Technology by 241.7% during the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after buying an additional 29,000 shares in the last quarter. Chartwell Investment Partners LLC raised its holdings in shares of Micron Technology by 26.4% in the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock worth $20,236,000 after acquiring an additional 40,802 shares during the last quarter. Global X Japan Co. Ltd. lifted its position in shares of Micron Technology by 23.1% in the third quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock valued at $5,375,000 after acquiring an additional 9,735 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Micron Technology by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 6,721,126 shares of the semiconductor manufacturer’s stock valued at $697,048,000 after acquiring an additional 65,591 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 1.3 %

MU stock opened at $99.84 on Wednesday. The firm has a market cap of $111.23 billion, a price-to-earnings ratio of 146.83 and a beta of 1.16. Micron Technology, Inc. has a 1-year low of $72.93 and a 1-year high of $157.54. The firm has a fifty day moving average price of $103.82 and a two-hundred day moving average price of $110.94. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

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

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MU. Susquehanna reduced their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. China Renaissance assumed coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Rosenblatt Securities lifted their price objective on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Raymond James lifted their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

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.