Parnassus Investments LLC Sells 2,624,208 Shares of Micron Technology, Inc. (NASDAQ:MU)

Parnassus Investments LLC decreased its stake in Micron Technology, Inc. (NASDAQ:MU) by 71.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,057,266 shares of the semiconductor manufacturer’s stock after selling 2,624,208 shares during the quarter. Parnassus Investments LLC’s holdings in Micron Technology were worth $109,649,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MU. Atria Investments Inc increased its position in shares of Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares in the last quarter. Aspect Partners LLC raised its position 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 purchasing an additional 94 shares during the period. Ameritas Advisory Services LLC lifted 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 valued at $1,003,000 after purchasing an additional 98 shares in the last quarter. LRI Investments LLC grew its position in shares of 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 purchasing an additional 99 shares during the period. Finally, E&G Advisors LP increased its stake 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 purchasing an additional 100 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MU. Rosenblatt Securities increased their price objective 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. Wells Fargo & Company cut their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Cantor Fitzgerald reissued an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. China Renaissance began coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. One investment 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’s stock. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

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 that occurred 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. The trade was a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $97.51 on Tuesday. The stock has a market capitalization of $108.11 billion, a PE ratio of 143.40 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The business has a fifty day moving average price of $101.55 and a two-hundred day moving average price of $112.64.

Micron Technology (NASDAQ:MU) last posted 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 business had revenue of $7.75 billion during 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%. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.21) earnings per share. As a group, equities analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders 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 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s 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.