Private Advisor Group LLC Raises Stake in Micron Technology, Inc. (NASDAQ:MU)

Private Advisor Group LLC lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 13.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 85,125 shares of the semiconductor manufacturer’s stock after buying an additional 10,028 shares during the quarter. Private Advisor Group LLC’s holdings in Micron Technology were worth $8,828,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Stanley Laman Group Ltd. purchased a new stake in shares of Micron Technology during the third quarter worth about $3,425,000. Pictet North America Advisors SA grew its holdings in shares of Micron Technology by 1.3% during the third quarter. Pictet North America Advisors SA now owns 59,653 shares of the semiconductor manufacturer’s stock worth $6,187,000 after buying an additional 760 shares in the last quarter. Waldron Private Wealth LLC grew its holdings in shares of Micron Technology by 4.6% during the third quarter. Waldron Private Wealth LLC now owns 3,658 shares of the semiconductor manufacturer’s stock worth $379,000 after buying an additional 160 shares in the last quarter. Eastern Bank purchased a new stake in Micron Technology in the third quarter valued at approximately $147,000. Finally, Xcel Wealth Management LLC grew its holdings in Micron Technology by 152.6% in the third quarter. Xcel Wealth Management LLC now owns 6,049 shares of the semiconductor manufacturer’s stock valued at $627,000 after purchasing an additional 3,654 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MU shares. Stifel Nicolaus lowered their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their target price for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Needham & Company LLC restated a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. Wells Fargo & Company lowered their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Finally, Robert W. Baird lowered their target price on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $142.85.

Micron Technology Stock Up 1.0 %

Shares of NASDAQ:MU opened at $107.91 on Friday. The stock has a market capitalization of $119.66 billion, a price-to-earnings ratio of -76.22 and a beta of 1.18. Micron Technology, Inc. has a 1-year low of $63.88 and a 1-year high of $157.54. The company’s fifty day moving average is $99.23 and its two-hundred day moving average is $114.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.21) earnings per share. Equities analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.