Micron Technology, Inc. (NASDAQ:MU) Holdings Lowered by Parnassus Investments LLC

Parnassus Investments LLC lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 71.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,057,266 shares of the semiconductor manufacturer’s stock after selling 2,624,208 shares during the period. Parnassus Investments LLC owned about 0.10% of Micron Technology worth $109,649,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MU. Hobbs Group Advisors LLC acquired a new position in Micron Technology in the second quarter worth approximately $28,000. Highline Wealth Partners LLC bought a new position in shares of Micron Technology during the 3rd quarter valued at $26,000. Richard W. Paul & Associates LLC lifted its stake in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares during the last quarter. LRI Investments LLC lifted its stake in shares of Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares during the last quarter. Finally, Davis Capital Management acquired a new position in Micron Technology during the third quarter worth $30,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on 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 owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Trading Up 1.2 %

Shares of MU stock opened at $97.51 on Tuesday. The company has a market capitalization of $108.11 billion, a P/E ratio of 143.40 and a beta of 1.18. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month 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 has a 50-day moving average price of $101.55 and a 200 day moving average price of $112.64.

Micron Technology (NASDAQ:MU) last posted its 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 company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.21) earnings per share. Research 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. Investors of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.47%. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

Analyst Ratings Changes

A number of analysts have weighed in on MU shares. Bank of America boosted their price target on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Susquehanna reduced their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. Wells Fargo & Company lowered their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. KeyCorp reduced their price objective 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. Finally, Stifel Nicolaus lowered their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.