Micron Technology, Inc. (NASDAQ:MU) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 36.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 136,460 shares of the semiconductor manufacturer’s stock after acquiring an additional 36,595 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Micron Technology were worth $14,152,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MU. Highline Wealth Partners LLC bought a new position in shares of Micron Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in Micron Technology during the 2nd quarter valued at $28,000. Davis Capital Management acquired a new position in shares of Micron Technology during the 3rd quarter valued at $30,000. Richard W. Paul & Associates LLC raised 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 worth $34,000 after buying an additional 144 shares in the last quarter. Finally, DT Investment Partners LLC lifted its holdings in shares of Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 235 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MU. Citigroup dropped their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. TD Cowen boosted their price target on shares of Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, September 26th. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price objective for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Raymond James boosted their price target on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Finally, Rosenblatt Securities raised their target price on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $104.10 on Wednesday. The stock’s fifty day simple moving average is $100.72 and its 200 day simple moving average is $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. The company has a market capitalization of $115.42 billion, a PE ratio of 153.09 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.

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, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the business earned ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, research analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company 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 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s payout ratio is 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.