Camden National Bank Acquires New Holdings in Micron Technology, Inc. (NASDAQ:MU)

Camden National Bank acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the third quarter, HoldingsChannel reports. The fund acquired 3,498 shares of the semiconductor manufacturer’s stock, valued at approximately $363,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Bessemer Group Inc. raised its position in Micron Technology by 2.8% in the first quarter. Bessemer Group Inc. now owns 12,635 shares of the semiconductor manufacturer’s stock worth $1,489,000 after acquiring an additional 340 shares during the period. EntryPoint Capital LLC bought a new position in Micron Technology in the first quarter worth approximately $41,000. CreativeOne Wealth LLC raised its position in Micron Technology by 22.3% in the first quarter. CreativeOne Wealth LLC now owns 4,857 shares of the semiconductor manufacturer’s stock worth $573,000 after acquiring an additional 886 shares during the period. Advisors Asset Management Inc. raised its position in Micron Technology by 513.5% in the first quarter. Advisors Asset Management Inc. now owns 5,902 shares of the semiconductor manufacturer’s stock worth $696,000 after acquiring an additional 4,940 shares during the period. Finally, Gamco Investors INC. ET AL bought a new position in Micron Technology in the first quarter worth approximately $290,000. Institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Morgan Stanley increased their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. UBS Group reduced their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Susquehanna reduced their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird reduced their price objective on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, September 27th. 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $143.04.

Insider Activity

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 transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.32% of the company’s stock.

Micron Technology Trading Down 0.1 %

NASDAQ:MU opened at $102.64 on Friday. Micron Technology, Inc. has a one year low of $72.93 and a one year 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 firm has a market cap of $113.80 billion, a P/E ratio of 150.94 and a beta of 1.18. The firm has a 50-day simple moving average of $102.46 and a 200-day simple moving average of $112.23.

Micron Technology (NASDAQ:MU) last posted its quarterly 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. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the business posted ($1.21) EPS. The company’s quarterly revenue was up 93.3% compared to the same quarter last year. Equities analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. Micron Technology’s dividend payout ratio is currently 67.65%.

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.