Pitcairn Co. Sells 6,782 Shares of Micron Technology, Inc. (NASDAQ:MU)

Pitcairn Co. lessened its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 30.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,542 shares of the semiconductor manufacturer's stock after selling 6,782 shares during the period. Pitcairn Co.'s holdings in Micron Technology were worth $1,612,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new position in Micron Technology during the first quarter worth $41,000. Advisors Asset Management Inc. boosted its stake in Micron Technology by 513.5% during the first quarter. Advisors Asset Management Inc. now owns 5,902 shares of the semiconductor manufacturer's stock worth $696,000 after buying an additional 4,940 shares during the period. Gamco Investors INC. ET AL purchased a new position in Micron Technology during the first quarter worth $290,000. Bamco Inc. NY boosted its stake in Micron Technology by 157.4% during the first quarter. Bamco Inc. NY now owns 4,200 shares of the semiconductor manufacturer's stock worth $495,000 after buying an additional 2,568 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its stake in Micron Technology by 60.4% during the first quarter. Mount Yale Investment Advisors LLC now owns 17,548 shares of the semiconductor manufacturer's stock worth $2,069,000 after buying an additional 6,609 shares during the period. Institutional investors 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 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 transaction, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. 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.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $102.64 on Friday. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The company's 50 day moving average is $102.46 and its 200 day moving average is $112.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company has a market cap of $113.80 billion, a PE ratio of 150.94 and a beta of 1.18.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology's dividend payout ratio is presently 67.65%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MU shares. Wedbush reissued an "outperform" rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. UBS Group lowered 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. TD Cowen boosted their target price on shares of Micron Technology from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Cantor Fitzgerald reissued an "overweight" rating and set a $150.00 target price on shares of Micron Technology in a research note on Tuesday, October 1st. Finally, Raymond James boosted their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Thursday, September 26th. One 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 presently has an average rating of "Moderate Buy" and a consensus target price of $143.04.

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.

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