Micron Technology, Inc. (NASDAQ:MU) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 409,125 shares of the semiconductor manufacturer’s stock after acquiring an additional 22,327 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $42,430,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atria Investments Inc raised its holdings in shares of Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after purchasing an additional 93 shares in the last quarter. Aspect Partners LLC grew its position in Micron Technology by 39.8% in the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 94 shares during the last quarter. Ameritas Advisory Services LLC lifted its position in shares of Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after acquiring an additional 98 shares during the last quarter. LRI Investments LLC boosted its stake in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares in the last quarter. Finally, E&G Advisors LP grew its holdings in shares of Micron Technology by 5.2% in the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock worth $265,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the 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 directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MU shares. Rosenblatt Securities boosted their price objective on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. China Renaissance began coverage on Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. UBS Group reduced their target price 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. Wells Fargo & Company reduced their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Finally, BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. One investment 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 stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Stock Up 0.7 %

Shares of NASDAQ MU opened at $98.37 on Thursday. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week 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 business has a fifty day moving average of $101.93 and a two-hundred day moving average of $112.42. The stock has a market cap of $109.07 billion, a PE ratio of 144.66 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (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 the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period last year, the firm posted ($1.21) EPS. As a group, equities research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

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.