Cornercap Investment Counsel Inc. Invests $1.11 Million in Micron Technology, Inc. (NASDAQ:MU)

Cornercap Investment Counsel Inc. purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 10,708 shares of the semiconductor manufacturer’s stock, valued at approximately $1,111,000.

A number of other hedge funds have also modified their holdings of MU. Nwam LLC increased its position in Micron Technology by 50.0% in the first quarter. Nwam LLC now owns 9,604 shares of the semiconductor manufacturer’s stock worth $1,144,000 after purchasing an additional 3,202 shares during the last quarter. Banco Santander S.A. boosted its stake in Micron Technology by 96.2% during the first quarter. Banco Santander S.A. now owns 94,799 shares of the semiconductor manufacturer’s stock worth $11,176,000 after buying an additional 46,488 shares during the period. M&G Plc bought a new position in Micron Technology during the first quarter valued at $15,172,000. Intech Investment Management LLC raised its stake in shares of Micron Technology by 6.5% in the first quarter. Intech Investment Management LLC now owns 44,025 shares of the semiconductor manufacturer’s stock valued at $5,190,000 after acquiring an additional 2,701 shares during the period. Finally, Alera Investment Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter worth about $258,000. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MU. Citigroup decreased their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. KeyCorp lowered their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. TD Cowen upped their target price on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley raised their price target on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Finally, Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. One equities research 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 currently has an average rating of “Moderate Buy” and an average price target of $143.04.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

MU opened at $99.18 on Friday. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm’s fifty day simple moving average is $100.93 and its two-hundred day simple moving average is $112.94. The company has a market cap of $109.96 billion, a price-to-earnings ratio of 145.86 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm 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 firm’s revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.21) EPS. Equities analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders 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 0.46%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) 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.