Primecap Management Co. CA Acquires 206,499 Shares of Micron Technology, Inc. (NASDAQ:MU)

Primecap Management Co. CA increased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,631,860 shares of the semiconductor manufacturer's stock after buying an additional 206,499 shares during the period. Micron Technology accounts for 2.9% of Primecap Management Co. CA's holdings, making the stock its 5th largest position. Primecap Management Co. CA owned 3.39% of Micron Technology worth $3,902,800,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MU. Hobbs Group Advisors LLC bought a new position in shares of Micron Technology in the 2nd quarter valued at $28,000. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology during the third quarter valued at about $26,000. Richard W. Paul & Associates LLC grew its holdings in shares of Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 144 shares during the last quarter. LRI Investments LLC raised its holdings in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock valued at $36,000 after buying an additional 99 shares during the last quarter. Finally, Davis Capital Management acquired a new stake in Micron Technology during the 3rd quarter worth approximately $30,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Up 0.7 %

MU opened at $98.37 on Thursday. 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 price-to-earnings ratio of 144.66 and a beta of 1.18. The company's 50-day moving average price is $101.93 and its two-hundred day moving average price is $112.42. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly 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 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 analyst estimates of $7.65 billion. During the same quarter in the previous year, the firm posted ($1.21) earnings per share. The company's quarterly revenue was up 93.3% compared to the same quarter last year. As a group, equities analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current 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 given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology's payout ratio is currently 67.65%.

Analyst Ratings Changes

MU has been the topic of several recent analyst reports. 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 report on Thursday, September 26th. Cantor Fitzgerald restated an "overweight" rating and set a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. Wells Fargo & Company lowered their target price on Micron Technology from $190.00 to $175.00 and set an "overweight" rating for the company in a report on Wednesday, September 18th. China Renaissance began coverage on Micron Technology in a report on Monday, October 28th. They set a "buy" rating and a $148.00 price target on the stock. Finally, Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and a consensus target price of $143.04.

Insider Buying and Selling

In other Micron Technology 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 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. This trade represents a 3.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is owned by corporate insiders.

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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