Cornercap Investment Counsel Inc. Takes $1.11 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Cornercap Investment Counsel Inc. bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,708 shares of the semiconductor manufacturer’s stock, valued at approximately $1,111,000.

Several other large investors have also recently bought and sold shares of MU. Atria Investments Inc grew its position in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after acquiring an additional 93 shares during the last quarter. Aspect Partners LLC boosted its stake in shares of Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 94 shares during the period. Ameritas Advisory Services LLC grew its holdings in shares of Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after buying an additional 98 shares during the last quarter. LRI Investments LLC raised its stake in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares during the last quarter. Finally, E&G Advisors LP lifted its position in Micron Technology by 5.2% during the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock worth $265,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Performance

Shares of MU opened at $99.18 on Friday. The stock has a market capitalization of $109.96 billion, a PE ratio of 145.86 and a beta of 1.18. The business’s fifty day moving average price is $100.93 and its 200 day moving average price is $112.94. 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, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data 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. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. Micron Technology’s quarterly revenue was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.21) earnings per share. Equities research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated 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 directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

MU has been the topic of a number of recent analyst reports. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price target for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Rosenblatt Securities boosted their target price on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. KeyCorp reduced their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.