Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Commerce Bank

Commerce Bank lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 53,417 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,068 shares during the quarter. Commerce Bank’s holdings in Micron Technology were worth $5,540,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MU. Price T Rowe Associates Inc. MD boosted its position in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. Van ECK Associates Corp boosted its position in Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after acquiring an additional 2,477,985 shares during the period. Boston Partners grew its stake in Micron Technology by 1.4% during the 1st quarter. Boston Partners now owns 4,536,283 shares of the semiconductor manufacturer’s stock valued at $534,189,000 after acquiring an additional 61,127 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Micron Technology by 7.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,276,245 shares of the semiconductor manufacturer’s stock valued at $443,489,000 after purchasing an additional 295,452 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Micron Technology by 0.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,980,793 shares of the semiconductor manufacturer’s stock worth $523,594,000 after purchasing an additional 17,288 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of research firms have issued reports on MU. Citigroup cut their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. China Renaissance started coverage on Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. Susquehanna reduced their price objective on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. Morgan Stanley upped 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, BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $102.43 on Friday. The firm has a market capitalization of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 1-year low of $72.93 and a 1-year high of $157.54. The business’s 50 day moving average is $102.23 and its 200-day moving average is $112.35.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm posted ($1.21) earnings per share. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s payout ratio is currently 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.