Channing Global Advisors LLC Buys Shares of 31,995 Micron Technology, Inc. (NASDAQ:MU)

Channing Global Advisors LLC purchased a new position in Micron Technology, Inc. (NASDAQ:MU) during the third quarter, HoldingsChannel.com reports. The fund purchased 31,995 shares of the semiconductor manufacturer’s stock, valued at approximately $3,318,000. Micron Technology makes up approximately 2.8% of Channing Global Advisors LLC’s investment portfolio, making the stock its 15th largest position.

Other large investors also recently modified their holdings of the company. Highline Wealth Partners LLC bought a new position in Micron Technology in the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology in the second quarter worth approximately $28,000. Davis Capital Management purchased a new stake in Micron Technology in the third quarter valued at approximately $30,000. Richard W. Paul & Associates LLC lifted its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC grew its stake in Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 235 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Down 3.5 %

Shares of Micron Technology stock opened at $98.20 on Friday. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The company has a market cap of $109.40 billion, a P/E ratio of 144.41 and a beta of 1.18. The company’s fifty day simple moving average is $103.46 and its two-hundred day simple moving average is $111.71.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the firm earned ($1.21) earnings per share. Micron Technology’s revenue was up 93.3% on a year-over-year basis. Research analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. UBS Group lowered their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Susquehanna cut their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. Stifel Nicolaus decreased their price objective on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. KeyCorp cut their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Finally, China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is owned by 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.