Summit Global Investments Buys 5,392 Shares of Micron Technology, Inc. (NASDAQ:MU)

Summit Global Investments lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 21.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,908 shares of the semiconductor manufacturer's stock after acquiring an additional 5,392 shares during the period. Summit Global Investments' holdings in Micron Technology were worth $3,205,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MU. Atria Investments Inc increased its holdings in shares of Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer's stock worth $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC lifted its stake in shares of Micron Technology by 39.8% in the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer's stock valued at $43,000 after purchasing an additional 94 shares in the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer's stock worth $1,003,000 after purchasing an additional 98 shares during the period. LRI Investments LLC increased its position in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Finally, E&G Advisors LP raised its holdings in Micron Technology by 5.2% in the second quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer's stock valued at $265,000 after buying an additional 100 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company's stock, valued at approximately $15,348,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MU has been the subject of a number of recent research reports. Citigroup lowered 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. Wedbush reiterated an "outperform" rating and set a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. Wells Fargo & Company reduced their price objective on Micron Technology from $190.00 to $175.00 and set an "overweight" rating for the company in a research report on Wednesday, September 18th. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Finally, TD Cowen increased their price target on Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. One equities research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $143.04.

Micron Technology Trading Down 1.4 %

Shares of NASDAQ:MU traded down $1.57 during trading on Friday, hitting $111.84. 9,175,045 shares of the company's stock were exchanged, compared to its average volume of 21,737,643. Micron Technology, Inc. has a 1-year low of $72.93 and a 1-year high of $157.54. The firm has a market cap of $124.00 billion, a P/E ratio of 164.96 and a beta of 1.18. 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 firm has a 50-day moving average price of $99.49 and a two-hundred day moving average price of $113.09.

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, 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 analyst estimates of $7.65 billion. During the same period last year, the business posted ($1.21) earnings per share. The business's revenue for the quarter was up 93.3% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Monday, October 7th. Micron Technology's dividend payout ratio is presently 67.65%.

Micron Technology Company 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.