Parnassus Investments LLC Sells 2,624,208 Shares of Micron Technology, Inc. (NASDAQ:MU)

Parnassus Investments LLC decreased its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 71.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,057,266 shares of the semiconductor manufacturer's stock after selling 2,624,208 shares during the period. Parnassus Investments LLC owned 0.10% of Micron Technology worth $109,649,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in MU. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the 2nd quarter valued at approximately $28,000. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology in the 3rd quarter worth approximately $26,000. Richard W. Paul & Associates LLC lifted its position in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after acquiring an additional 144 shares during the period. LRI Investments LLC lifted its position in shares of Micron Technology by 57.2% in 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 during the period. Finally, Davis Capital Management bought a new position in shares of Micron Technology during the 3rd quarter worth approximately $30,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the business's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.32% of the company's stock.

Wall Street Analysts Forecast Growth

MU has been the subject of several analyst reports. Wedbush restated an "outperform" rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. China Renaissance began coverage on Micron Technology in a research report on Monday, October 28th. They set a "buy" rating and a $148.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $150.00 price objective on shares of Micron Technology in a research report on Tuesday, October 1st. Raymond James lifted their price objective on Micron Technology from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Thursday, September 26th. Finally, Susquehanna cut their price objective on Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a research report on Thursday, September 26th. One equities 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 stock. Based on data from MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and an average target price of $143.04.

Micron Technology Stock Up 0.2 %

MU traded up $0.22 on Tuesday, hitting $97.73. 12,633,592 shares of the company were exchanged, compared to its average volume of 21,605,127. The stock's fifty day moving average is $101.55 and its 200-day moving average is $112.64. Micron Technology, Inc. has a 12 month low of $72.93 and a 12 month 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 company has a market cap of $108.36 billion, a PE ratio of 143.05 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data 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 return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.65 billion. During the same quarter in the prior year, the business posted ($1.21) EPS. The business's revenue was up 93.3% compared to the same quarter last year. Equities research analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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