Pinnacle Financial Partners Inc Has $14.15 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Pinnacle Financial Partners Inc lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 36.6% in the third quarter, Holdings Channel reports. The institutional investor owned 136,460 shares of the semiconductor manufacturer’s stock after acquiring an additional 36,595 shares during the period. Pinnacle Financial Partners Inc’s holdings in Micron Technology were worth $14,152,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Private Management Group Inc. acquired a new position in Micron Technology in the first quarter valued at about $215,000. TBH Global Asset Management LLC acquired a new position in Micron Technology during the 1st quarter worth approximately $296,000. Beacon Investment Advisory Services Inc. boosted its position in Micron Technology by 2.6% in the first quarter. Beacon Investment Advisory Services Inc. now owns 5,081 shares of the semiconductor manufacturer’s stock valued at $599,000 after buying an additional 130 shares in the last quarter. Clearwater Capital Advisors LLC bought a new stake in shares of Micron Technology during the first quarter worth $224,000. Finally, Midwest Professional Planners LTD. increased its holdings in shares of Micron Technology by 2.9% during the first quarter. Midwest Professional Planners LTD. now owns 6,834 shares of the semiconductor manufacturer’s stock worth $806,000 after buying an additional 193 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.32% of the stock is owned by insiders.

Micron Technology Stock Performance

NASDAQ MU opened at $104.10 on Wednesday. The company has a market cap of $115.42 billion, a P/E ratio of 153.09 and a beta of 1.18. The company has a fifty day simple moving average of $100.72 and a 200 day simple moving average of $113.03. 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 12-month low of $72.93 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.21) EPS. Sell-side analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is 67.65%.

Analyst Ratings Changes

A number of brokerages recently weighed in on MU. Raymond James boosted their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Susquehanna lowered their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Wells Fargo & Company dropped their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Wedbush restated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.