Glenmede Trust Co. NA Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Glenmede Trust Co. NA cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,348 shares of the semiconductor manufacturer’s stock after selling 111 shares during the quarter. Glenmede Trust Co. NA’s holdings in Micron Technology were worth $1,903,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Primecap Management Co. CA raised its stake in shares of Micron Technology by 0.6% during the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock worth $3,902,800,000 after buying an additional 206,499 shares during the period. Van ECK Associates Corp raised its stake in Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after purchasing an additional 2,477,985 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Micron Technology by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,721,126 shares of the semiconductor manufacturer’s stock valued at $697,048,000 after purchasing an additional 65,591 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Micron Technology by 7.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,276,245 shares of the semiconductor manufacturer’s stock valued at $443,489,000 after purchasing an additional 295,452 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Micron Technology by 0.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,980,793 shares of the semiconductor manufacturer’s stock valued at $523,594,000 after purchasing an additional 17,288 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MU. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Citigroup reduced their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. China Renaissance began coverage on Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective for the company. TD Cowen increased their price objective on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Susquehanna dropped their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Price Performance

MU stock opened at $97.95 on Monday. The business has a 50 day moving average price of $103.60 and a 200 day moving average price of $111.32. The stock has a market cap of $109.12 billion, a price-to-earnings ratio of 144.05 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The firm 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%. The firm’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.21) earnings per share. Equities research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.32% of the stock is owned by company 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.