PNC Financial Services Group Inc. Buys 22,327 Shares of Micron Technology, Inc. (NASDAQ:MU)

PNC Financial Services Group Inc. raised its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 409,125 shares of the semiconductor manufacturer's stock after buying 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 quarter.

Several other hedge funds have also recently bought and sold shares of MU. Highline Wealth Partners LLC acquired a new position in Micron Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology in the 2nd quarter valued at $28,000. Davis Capital Management acquired a new stake in shares of Micron Technology during the 3rd quarter valued at $30,000. Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% during 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 last quarter. Finally, DT Investment Partners LLC grew its position in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer's stock worth $34,000 after acquiring an additional 235 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Performance

NASDAQ:MU opened at $98.37 on Thursday. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock has a market cap of $109.07 billion, a P/E ratio of 144.66 and a beta of 1.18. The business's 50-day moving average price is $101.93 and its two-hundred day moving average price is $112.42.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business's quarterly revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.21) EPS. As a group, equities analysts predict 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. Shareholders of record on Monday, October 7th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology's dividend payout ratio (DPR) is presently 67.65%.

Analyst Upgrades and Downgrades

MU has been the subject of a number of analyst reports. BNP Paribas downgraded Micron Technology from an "outperform" rating to an "underperform" rating and lowered their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Morgan Stanley upped their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the company an "equal weight" rating in a research note on Thursday, September 26th. Bank of America lifted their target price on shares of Micron Technology from $110.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Stifel Nicolaus decreased their price target on Micron Technology from $165.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, September 19th. Finally, TD Cowen lifted their target price on Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of "Moderate Buy" and an average target price of $143.04.

Insider Buying and Selling

In other Micron Technology 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 value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by corporate insiders.

Micron Technology 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.