Prime Capital Investment Advisors LLC Grows Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Prime Capital Investment Advisors LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU) by 21.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,403 shares of the semiconductor manufacturer’s stock after buying an additional 8,026 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Micron Technology were worth $4,709,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MU. Private Management Group Inc. purchased a new stake in shares of Micron Technology in the first quarter valued at about $215,000. TBH Global Asset Management LLC purchased a new stake in Micron Technology in the 1st quarter valued at approximately $296,000. Beacon Investment Advisory Services Inc. grew its holdings in Micron Technology by 2.6% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 5,081 shares of the semiconductor manufacturer’s stock valued at $599,000 after buying an additional 130 shares during the last quarter. Clearwater Capital Advisors LLC purchased a new position in Micron Technology during the first quarter worth $224,000. Finally, Midwest Professional Planners LTD. raised its holdings in shares of Micron Technology by 2.9% in the first quarter. Midwest Professional Planners LTD. now owns 6,834 shares of the semiconductor manufacturer’s stock worth $806,000 after acquiring an additional 193 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MU has been the subject of a number of analyst reports. Bank of America boosted their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research note on Tuesday, October 1st. Wedbush reissued an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Morgan Stanley increased their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Finally, UBS Group lowered their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Stock Performance

Shares of MU opened at $104.10 on Wednesday. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The firm has a market capitalization of $115.42 billion, a PE ratio of 153.09 and a beta of 1.18. The firm has a 50-day moving average price of $100.41 and a 200 day moving average price of $113.11. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 93.3% on a year-over-year basis. During the same period last year, the firm earned ($1.21) EPS. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Company Profile

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.