Micron Technology, Inc. (NASDAQ:MU) Shares Purchased by SpiderRock Advisors LLC

SpiderRock Advisors LLC boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 14.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,966 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,844 shares during the quarter. SpiderRock Advisors LLC’s holdings in Micron Technology were worth $2,382,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MU. PFG Advisors acquired a new position in Micron Technology in the 1st quarter worth $282,000. KCM Investment Advisors LLC acquired a new stake in shares of Micron Technology in the 1st quarter valued at about $252,000. Atomi Financial Group Inc. raised its stake in shares of Micron Technology by 17.8% in the 1st quarter. Atomi Financial Group Inc. now owns 6,093 shares of the semiconductor manufacturer’s stock valued at $718,000 after purchasing an additional 920 shares in the last quarter. Keudell Morrison Wealth Management acquired a new stake in shares of Micron Technology in the 1st quarter valued at about $227,000. Finally, Stonebrook Private Inc. acquired a new stake in shares of Micron Technology in the 1st quarter valued at about $260,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Down 1.3 %

Micron Technology stock opened at $111.90 on Friday. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The stock has a market capitalization of $124.07 billion, a PE ratio of 164.56 and a beta of 1.18. The firm has a 50 day simple moving average of $100.16 and a 200-day simple moving average of $113.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 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 business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same period in the prior year, the business earned ($1.21) earnings per share. The business’s quarterly revenue was up 93.3% on a year-over-year basis. As a group, equities research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Bank of America upped their target price on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Wells Fargo & Company dropped their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Susquehanna dropped their price objective 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. Finally, Citigroup dropped their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

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.