Morse Asset Management Inc Sells 4,598 Shares of Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 7.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,011 shares of the semiconductor manufacturer’s stock after selling 4,598 shares during the period. Micron Technology makes up approximately 1.3% of Morse Asset Management Inc’s holdings, making the stock its 23rd largest holding. Morse Asset Management Inc’s holdings in Micron Technology were worth $6,016,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Highline Wealth Partners LLC acquired a new position in Micron Technology during the 3rd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in Micron Technology during the 2nd quarter worth $28,000. Davis Capital Management acquired a new position in Micron Technology during the 3rd quarter worth $30,000. True Wealth Design LLC lifted its holdings in Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Finally, Richard W. Paul & Associates LLC lifted its stake in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Trading Up 4.0 %

Micron Technology stock opened at $102.06 on Thursday. Micron Technology, Inc. has a 52 week low of $77.10 and a 52 week high of $157.54. 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 capitalization of $113.69 billion, a P/E ratio of 150.08 and a beta of 1.16. The stock has a 50-day simple moving average of $103.60 and a 200 day simple moving average of $110.01.

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

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MU shares. UBS Group cut their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. China Renaissance initiated coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price objective on the stock. Finally, Susquehanna dropped their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology 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.