PNC Financial Services Group Inc. Increases Holdings in Micron Technology, Inc. (NASDAQ:MU)

PNC Financial Services Group Inc. increased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 414,072 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,947 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $34,848,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Swedbank AB grew its holdings in shares of Micron Technology by 30.4% during the third quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after buying an additional 806,639 shares during the last quarter. Fiera Capital Corp boosted its stake in shares of Micron Technology by 6.9% during the 3rd quarter. Fiera Capital Corp now owns 24,617 shares of the semiconductor manufacturer’s stock worth $2,553,000 after acquiring an additional 1,592 shares in the last quarter. SpiderRock Advisors LLC lifted its position in shares of Micron Technology by 14.1% during the 3rd quarter. SpiderRock Advisors LLC now owns 22,966 shares of the semiconductor manufacturer’s stock valued at $2,382,000 after buying an additional 2,844 shares in the last quarter. Assetmark Inc. lifted its holdings in Micron Technology by 34.8% during the third quarter. Assetmark Inc. now owns 32,792 shares of the semiconductor manufacturer’s stock valued at $3,401,000 after purchasing an additional 8,464 shares in the last quarter. Finally, RKL Wealth Management LLC lifted its stake in Micron Technology by 4.4% in the 3rd quarter. RKL Wealth Management LLC now owns 23,616 shares of the semiconductor manufacturer’s stock valued at $2,449,000 after buying an additional 991 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Up 4.1 %

NASDAQ MU opened at $92.96 on Monday. Micron Technology, Inc. has a twelve month low of $83.54 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market cap of $103.57 billion, a price-to-earnings ratio of 26.79 and a beta of 1.23. The firm’s 50 day moving average price is $95.99 and its two-hundred day moving average price is $98.29.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.95) EPS. Equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a $0.115 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. The Goldman Sachs Group lowered their price target on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. TD Cowen lowered their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Wells Fargo & Company decreased their price objective on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Mizuho decreased their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $134.96.

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.