Huntington National Bank Decreases Stake in Micron Technology, Inc. (NASDAQ:MU)

Huntington National Bank reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 51.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 112,479 shares of the semiconductor manufacturer’s stock after selling 119,099 shares during the period. Huntington National Bank’s holdings in Micron Technology were worth $9,466,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MU. Benjamin Edwards Inc. acquired a new position in Micron Technology in the 3rd quarter worth approximately $600,000. Cinctive Capital Management LP acquired a new stake in Micron Technology during the 3rd quarter valued at approximately $1,544,000. Hilltop Holdings Inc. boosted its holdings in shares of Micron Technology by 337.1% in the 3rd quarter. Hilltop Holdings Inc. now owns 10,710 shares of the semiconductor manufacturer’s stock valued at $1,111,000 after acquiring an additional 8,260 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Micron Technology by 6.4% in the third quarter. Janus Henderson Group PLC now owns 1,516,256 shares of the semiconductor manufacturer’s stock worth $157,243,000 after acquiring an additional 91,469 shares during the period. Finally, Investment Management Corp of Ontario lifted its position in Micron Technology by 18.2% during the third quarter. Investment Management Corp of Ontario now owns 36,759 shares of the semiconductor manufacturer’s stock valued at $3,812,000 after purchasing an additional 5,662 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Price Performance

Micron Technology stock opened at $88.60 on Thursday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a market cap of $99.02 billion, a P/E ratio of 25.53 and a beta of 1.23. The company has a 50-day moving average price of $94.80 and a 200 day moving average price of $98.42. Micron Technology, Inc. has a 12-month low of $82.42 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.52%. Micron Technology’s dividend payout ratio (DPR) is currently 11.03%.

Wall Street Analysts Forecast Growth

Several research firms have commented on MU. Sanford C. Bernstein lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Citigroup reduced their price target on Micron Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Rosenblatt Securities lowered their price objective on Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Needham & Company LLC cut their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, Morgan Stanley increased their price target on shares of Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $129.76.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

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.