Cornerstone Advisors LLC Grows Holdings in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Advisors LLC grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 34.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,500 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,500 shares during the quarter. Cornerstone Advisors LLC’s holdings in Micron Technology were worth $1,815,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new stake in Micron Technology during the 3rd quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the second quarter valued at about $28,000. Davis Capital Management purchased a new stake in Micron Technology in the third quarter worth about $30,000. Richard W. Paul & Associates LLC grew its holdings in Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares in the last quarter. Finally, DT Investment Partners LLC increased its position in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MU shares. China Renaissance assumed coverage on shares of Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target for the company. Rosenblatt Securities upped their target price on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. KeyCorp reduced their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Bank of America raised their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a report on Tuesday, October 1st. 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 stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Trading Up 4.1 %

NASDAQ MU opened at $102.43 on Friday. The company has a fifty day moving average of $102.23 and a 200 day moving average of $112.35. The company has a market capitalization of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company earned ($1.21) earnings per share. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. Research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors 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 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.32% of the stock is owned by company insiders.

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.