Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 229,900 shares of the semiconductor manufacturer’s stock after acquiring an additional 8,077 shares during the period. Pinnacle Associates Ltd.’s holdings in Micron Technology were worth $23,843,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MU. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Micron Technology in the 1st quarter valued at $273,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Micron Technology by 88.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 482,031 shares of the semiconductor manufacturer’s stock valued at $56,827,000 after purchasing an additional 226,191 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in shares of Micron Technology by 65.1% in the 1st quarter. Valley National Advisers Inc. now owns 720 shares of the semiconductor manufacturer’s stock valued at $84,000 after purchasing an additional 284 shares during the last quarter. Norden Group LLC grew its stake in Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after buying an additional 47,648 shares during the last quarter. Finally, Abundance Wealth Counselors acquired a new position in Micron Technology during the first quarter worth approximately $236,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. China Renaissance initiated coverage on Micron Technology in a report on Monday. They issued a “buy” rating and a $148.00 target price on the stock. Raymond James lifted their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Stifel Nicolaus cut their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Finally, Robert W. Baird dropped their price target on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction 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 directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.32% of the company’s stock.

Micron Technology Trading Down 2.8 %

Shares of MU traded down $3.00 on Wednesday, hitting $105.18. 4,155,677 shares of the stock traded hands, compared to its average volume of 21,916,961. The stock’s 50 day moving average is $99.18 and its two-hundred day moving average is $113.58. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $116.63 billion, a P/E ratio of -74.33 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $65.26 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last released 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 firm 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 quarterly revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.21) earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed 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 0.44%. Micron Technology’s payout ratio is -32.39%.

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.