Gemmer Asset Management LLC Invests $2.42 Million in Micron Technology, Inc. (NASDAQ:MU)

Gemmer Asset Management LLC purchased a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 23,306 shares of the semiconductor manufacturer's stock, valued at approximately $2,417,000.

A number of other institutional investors have also recently made changes to their positions in MU. Price T Rowe Associates Inc. MD lifted its position in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer's stock worth $2,150,743,000 after buying an additional 3,315,988 shares in the last quarter. Capital International Investors lifted its position in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer's stock worth $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. Swedbank AB lifted its position in Micron Technology by 473.8% during the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer's stock worth $348,447,000 after buying an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Micron Technology by 301,500.0% during the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer's stock worth $213,334,000 after buying an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Micron Technology by 28.9% during the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer's stock worth $892,023,000 after buying an additional 1,695,876 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Down 1.4 %

Shares of NASDAQ:MU traded down $1.52 on Monday, hitting $106.39. 12,359,281 shares of the company's stock were exchanged, compared to its average volume of 22,034,600. Micron Technology, Inc. has a 1-year low of $65.17 and a 1-year 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 capitalization of $117.97 billion, a PE ratio of -75.62 and a beta of 1.18. The firm's 50-day moving average is $99.22 and its 200 day moving average is $113.83.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the previous year, the business earned ($1.21) EPS. The business's quarterly revenue was up 93.3% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's payout ratio is currently -32.39%.

Analysts Set New Price Targets

A number of research firms have commented on MU. Robert W. Baird reduced their target price on Micron Technology from $172.00 to $150.00 and set an "outperform" rating on the stock in a research report on Friday, September 27th. Stifel Nicolaus reduced their target price on Micron Technology from $165.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, September 19th. Rosenblatt Securities lifted their target price on Micron Technology from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. UBS Group reduced their target price on Micron Technology from $153.00 to $135.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Finally, Raymond James lifted their target price on Micron Technology from $125.00 to $140.00 and gave the company an "outperform" rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and an average target price of $143.04.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company'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 directly owns 135,830 shares of the company's stock, valued at $15,348,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.32% of the company's stock.

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.