Micron Technology, Inc. (NASDAQ:MU) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 250,726 shares of the semiconductor manufacturer’s stock after selling 6,583 shares during the period. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $10,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MU. Central Bank & Trust Co. acquired a new stake in shares of Micron Technology during the 1st quarter worth about $25,000. RMR Wealth Builders acquired a new stake in shares of Micron Technology during the 4th quarter worth about $27,000. Allred Capital Management LLC raised its position in shares of Micron Technology by 263.8% during the 1st quarter. Allred Capital Management LLC now owns 633 shares of the semiconductor manufacturer’s stock worth $27,000 after acquiring an additional 459 shares in the last quarter. Wealth Quarterback LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth about $29,000. Finally, WASHINGTON TRUST Co acquired a new stake in shares of Micron Technology during the 1st quarter worth about $30,000. 78.73% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Co raised their target price on Micron Technology from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, March 26th. Morgan Stanley dropped their price target on Micron Technology from $73.00 to $52.50 and set an “overweight” rating on the stock in a research note on Wednesday, March 18th. Cowen restated an “outperform” rating and set a $65.00 price target (down previously from $70.00) on shares of Micron Technology in a research note on Thursday, March 26th. BidaskClub downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Finally, Zacks Investment Research downgraded Micron Technology from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a research note on Monday, May 4th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Micron Technology currently has a consensus rating of “Buy” and a consensus price target of $60.98.

In related news, SVP April S. Arnzen sold 4,441 shares of Micron Technology stock in a transaction on Thursday, March 26th. The stock was sold at an average price of $45.00, for a total transaction of $199,845.00. Following the completion of the transaction, the senior vice president now directly owns 75,596 shares of the company’s stock, valued at $3,401,820. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP April S. Arnzen sold 4,400 shares of Micron Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $54.75, for a total value of $240,900.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,383 shares of company stock worth $555,135. Company insiders own 0.18% of the company’s stock.

Micron Technology stock opened at $44.94 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.74 and a quick ratio of 1.85. Micron Technology, Inc. has a 1-year low of $31.13 and a 1-year high of $61.19. The company has a market cap of $50.29 billion, a PE ratio of 22.25, a price-to-earnings-growth ratio of 2.37 and a beta of 1.64. The stock’s 50 day moving average price is $45.26 and its 200 day moving average price is $49.68.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Micron Technology had a return on equity of 7.16% and a net margin of 11.72%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.69 billion. During the same period in the previous year, the business earned $1.71 earnings per share. The company’s revenue for the quarter was down 17.7% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology, Inc. will post 1.86 EPS for the current fiscal year.

Micron Technology Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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