PNC Financial Services Group Inc. Purchases 22,327 Shares of Micron Technology, Inc. (NASDAQ:MU)

PNC Financial Services Group Inc. lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 409,125 shares of the semiconductor manufacturer’s stock after buying an additional 22,327 shares during the period. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $42,430,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the 2nd quarter valued at about $28,000. Highline Wealth Partners LLC acquired a new position in Micron Technology in the 3rd quarter valued at $26,000. Richard W. Paul & Associates LLC increased its position in Micron Technology by 128.6% during the second 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 during the period. LRI Investments LLC raised its position in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares in the last quarter. Finally, Davis Capital Management bought a new stake in shares of Micron Technology during the 3rd quarter valued at $30,000. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MU has been the topic of a number of research analyst reports. Citigroup reduced their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. KeyCorp cut their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Rosenblatt Securities increased their price target on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Finally, Robert W. Baird dropped their price target on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $143.04.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on 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 approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $98.37 on Thursday. The stock has a market capitalization of $109.07 billion, a price-to-earnings ratio of 144.66 and a beta of 1.18. The company has a fifty day moving average of $101.93 and a 200-day moving average of $112.42. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the previous year, the business posted ($1.21) earnings per share. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Micron Technology 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.