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

Cornerstone Advisors LLC boosted its stake in Micron Technology, Inc. (NASDAQ:MU) by 34.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 17,500 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,500 shares during the period. Cornerstone Advisors LLC’s holdings in Micron Technology were worth $1,815,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chartwell Investment Partners LLC increased its position in shares of Micron Technology by 26.4% during the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock worth $20,236,000 after acquiring an additional 40,802 shares during the period. Global X Japan Co. Ltd. increased its holdings in Micron Technology by 23.1% during the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after purchasing an additional 9,735 shares during the period. River Road Asset Management LLC raised its position in Micron Technology by 9.1% in the 3rd quarter. River Road Asset Management LLC now owns 163,272 shares of the semiconductor manufacturer’s stock valued at $16,933,000 after purchasing an additional 13,573 shares in the last quarter. RWQ Financial Management Services Inc. acquired a new stake in Micron Technology in the 3rd quarter valued at about $1,270,000. Finally, Chapin Davis Inc. acquired a new position in shares of Micron Technology during the second quarter worth about $4,056,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MU. UBS Group reduced their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Needham & Company LLC reiterated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. Wedbush restated an “outperform” rating and issued a $140.00 price target 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 objective on shares of Micron Technology in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s 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 completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by insiders.

Micron Technology Stock Up 4.1 %

Micron Technology stock opened at $102.43 on Friday. The stock has a 50 day moving average of $102.23 and a two-hundred day moving average of $112.35. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The stock has a market capitalization of $113.57 billion, a price-to-earnings ratio of 150.63 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.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate 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 firm earned ($1.21) EPS. As a group, research analysts expect 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. Shareholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is presently 67.65%.

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.