Micron Technology, Inc. (NASDAQ:MU) Stake Lowered by Zions Bancorporation N.A.

by · The Markets Daily

Zions Bancorporation N.A. decreased its stake in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 26.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 451 shares of the semiconductor manufacturer’s stock after selling 162 shares during the period. Zions Bancorporation N.A.’s holdings in Micron Technology were worth $47,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Huntington National Bank boosted its stake in Micron Technology by 73.6% during the 3rd quarter. Huntington National Bank now owns 231,578 shares of the semiconductor manufacturer’s stock valued at $24,017,000 after purchasing an additional 98,152 shares during the period. Bouvel Investment Partners LLC bought a new position in Micron Technology in the 3rd quarter worth approximately $3,219,000. Plato Investment Management Ltd increased its position in Micron Technology by 22.1% in the 3rd quarter. Plato Investment Management Ltd now owns 24,983 shares of the semiconductor manufacturer’s stock valued at $2,588,000 after acquiring an additional 4,523 shares during the period. ICICI Prudential Asset Management Co Ltd raised its stake in Micron Technology by 19.0% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 14,475 shares of the semiconductor manufacturer’s stock valued at $1,501,000 after acquiring an additional 2,311 shares in the last quarter. Finally, Kovack Advisors Inc. boosted its position in Micron Technology by 13.1% during the 3rd quarter. Kovack Advisors Inc. now owns 5,412 shares of the semiconductor manufacturer’s stock worth $561,000 after acquiring an additional 628 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MU. Raymond James lifted their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. KeyCorp dropped their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. Morgan Stanley increased their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Robert W. Baird dropped their target price on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, September 27th. Finally, Bank of America increased their price target on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Get Our Latest Analysis on Micron Technology

Micron Technology Stock Down 2.9 %

NASDAQ:MU opened at $96.34 on Friday. The business’s fifty day moving average price is $101.33 and its 200 day moving average price is $112.72. The firm has a market capitalization of $106.82 billion, a price-to-earnings ratio of 141.68 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, Inc. has a 1-year low of $72.93 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm earned ($1.21) earnings per share. The firm’s revenue was up 93.3% compared to the same quarter last year. On average, sell-side analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’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 transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by corporate insiders.

Micron Technology Profile

(Free Report)

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.

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