Pinnacle Associates Ltd. Boosts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Pinnacle Associates Ltd. grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 229,900 shares of the semiconductor manufacturer's stock after acquiring an additional 8,077 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Micron Technology were worth $23,843,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MU. Price T Rowe Associates Inc. MD lifted its holdings in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer's stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Capital International Investors lifted its stake in shares of Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer's stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the period. Swedbank AB boosted its holdings in shares of Micron Technology by 473.8% in 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 during the last quarter. 1832 Asset Management L.P. grew 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 valued at $213,334,000 after buying an additional 1,809,000 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer's stock valued at $11,396,024,000 after buying an additional 1,681,815 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on MU. Stifel Nicolaus lowered their price objective 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 increased their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Susquehanna lowered their target price on shares of Micron Technology from $175.00 to $165.00 and set a "positive" rating on the stock in a research note on Thursday, September 26th. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Thursday, September 26th. Finally, China Renaissance initiated coverage on Micron Technology in a research report on Monday. They issued a "buy" rating and a $148.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.04.

Micron Technology Stock Down 3.8 %

MU stock traded down $4.10 during trading on Wednesday, hitting $104.08. 14,283,094 shares of the company's stock traded hands, compared to its average volume of 21,965,010. The firm has a market capitalization of $115.41 billion, a P/E ratio of -74.33 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $65.26 and a 1 year 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 business has a fifty day simple moving average of $99.18 and a two-hundred day simple moving average of $113.58.

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 (EPS) 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 company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the firm earned ($1.21) earnings per share. The firm's quarterly revenue was up 93.3% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.44%. The ex-dividend date was Monday, October 7th. Micron Technology's dividend payout ratio is presently -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president now owns 135,830 shares of the company's stock, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.