Pinnacle Associates Ltd. Has $33.24 Million Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Pinnacle Associates Ltd. raised its stake in Micron Technology, Inc. (NASDAQ:MU) by 8.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 382,512 shares of the semiconductor manufacturer’s stock after acquiring an additional 30,773 shares during the period. Pinnacle Associates Ltd.’s holdings in Micron Technology were worth $33,236,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Micron Technology in the 4th quarter valued at $1,470,875,000. Capital World Investors increased its holdings in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. FMR LLC increased its holdings in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares in the last quarter. Capital Research Global Investors increased its holdings in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors increased its holdings in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Steven J. Gomo sold 7,000 shares of the firm’s stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the sale, the director owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total value of $291,557.12. Following the completion of the transaction, the director owned 22,550 shares in the company, valued at approximately $2,734,864. This represents a 9.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,446 shares of company stock valued at $31,154,717. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. Mizuho upped their price target on Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, June 5th. Raymond James Financial upped their target price on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, June 26th. TD Cowen upped their target price on Micron Technology from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. UBS Group upped their target price on Micron Technology from $120.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Finally, Cantor Fitzgerald increased their price target on Micron Technology from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $146.44.

Micron Technology Price Performance

Micron Technology stock opened at $109.83 on Thursday. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $129.85. The business has a fifty day moving average price of $112.35 and a 200-day moving average price of $97.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The firm has a market capitalization of $122.91 billion, a P/E ratio of 19.79 and a beta of 1.35.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter last year, the company earned $0.62 earnings per share. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. Micron Technology’s payout ratio is 8.29%.

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.