Cornerstone Advisors LLC Has $1.64 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Advisors LLC raised its holdings in Micron Technology, Inc. (NASDAQ:MU) by 11.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,500 shares of the semiconductor manufacturer’s stock after buying an additional 2,000 shares during the quarter. Cornerstone Advisors LLC’s holdings in Micron Technology were worth $1,641,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MU. Beacon Capital Management LLC grew its stake in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after buying an additional 200 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Midwest Capital Advisors LLC bought a new stake in Micron Technology during the 4th quarter worth approximately $33,000. Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. Finally, Activest Wealth Management raised its position in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 350 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research analyst reports. TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Morgan Stanley decreased their price target on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Cantor Fitzgerald dropped their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Barclays lowered their target price on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Finally, JPMorgan Chase & Co. dropped their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Stock Down 6.3 %

NASDAQ MU opened at $87.08 on Tuesday. The stock has a market capitalization of $97.02 billion, a PE ratio of 25.10 and a beta of 1.23. Micron Technology, Inc. has a 1 year low of $83.54 and a 1 year high of $157.54. The business’s 50-day moving average is $96.02 and its 200 day moving average is $98.17. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the prior year, the business posted ($0.95) EPS. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

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.