Rakuten Securities Trims Micron Technology Holdings
Rakuten Securities Inc. decreased its investment in Micron Technology, Inc. (NASDAQ:MU) by 17.5% during the fourth quarter, according to the latest SEC filing. The institutional investor now owns 41,412 shares of the semiconductor manufacturer after selling 8,770 shares in the period. Micron Technology constitutes approximately 1.4% of Rakuten Securities Inc.’s portfolio, ranking as its 12th largest holding.
Institutional Investment Activity
Several other institutional investors have recently altered their positions in Micron Technology stock as well. Beacon Capital Management LLC significantly increased its holdings by 114.9% in the fourth quarter, now owning 374 shares valued at $31,000. True Wealth Design LLC saw an increase of 1,096.3% in the third quarter, owning 323 shares valued at $33,000. Midwest Capital Advisors LLC initiated a new position in the fourth quarter, with approximately $33,000 invested. Stone House Investment Management LLC increased its stake by 602.2% in the third quarter, owning 323 shares valued at $34,000. Finally, Activest Wealth Management increased its holding by 583.3% in the fourth quarter, holding 410 shares valued at $34,000. Institutional investors collectively own 80.84% of the stock.
Insider Transactions
In related news, April S. Arnzen, EVP of Micron Technology, sold 4,890 shares of company stock on December 20th at an average price of $85.21, resulting in a total transaction value of $416,676.90. After the sale, Arnzen owns 181,223 shares, valued at roughly $15,442,011.83. Director Mary Pat Mccarthy also sold 2,404 shares on March 3rd, at an average price of $92.93, for a total value of $223,403.72, and now owns 27,358 shares valued at approximately $2,542,378.94.
Stock Performance and Analyst Ratings
Micron Technology shares saw a 7.4% increase during trading on Wednesday, reaching $95.64. The stock’s fifty-day simple moving average is $96.35, and its two-hundred-day simple moving average is $98.06. For the period, the company reported $1.79 earnings per share (EPS), exceeding the consensus estimate of $1.60. Analysts expect Micron Technology, Inc. to post 6.08 EPS for the current year based on recent data from MarketBeat. The stock maintains a “Moderate Buy” rating with an average target price of $134.96.
Analyst Ratings
Several analysts recently adjusted their price targets for Micron Technology. Wells Fargo & Company lowered its price objective from $175.00 to $140.00, maintaining an “overweight” rating. UBS Group decreased its price objective from $135.00 to $125.00, while retaining a “buy” rating. The Goldman Sachs Group lowered its price objective from $145.00 to $128.00, while maintaining a “buy” rating on the stock. Stifel Nicolaus lowered its price objective from $135.00 to $130.00 and set a “buy” rating. Mizuho lowered their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating. Overall, analysts have assigned the stock a “Moderate Buy” rating.
