Algert Global LLC Acquires 8,624 Shares of Micron Technology, Inc. (NASDAQ:MU)

Algert Global LLC increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 349.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,092 shares of the semiconductor manufacturer’s stock after buying an additional 8,624 shares during the quarter. Algert Global LLC’s holdings in Micron Technology were worth $1,150,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MU. Primecap Management Co. CA increased its holdings in Micron Technology by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock worth $3,902,800,000 after purchasing an additional 206,499 shares in the last quarter. Van ECK Associates Corp increased its holdings in Micron Technology by 30.6% in 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 purchasing an additional 2,477,985 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Micron Technology by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 6,721,126 shares of the semiconductor manufacturer’s stock worth $697,048,000 after purchasing an additional 65,591 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in 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 worth $443,489,000 after purchasing an additional 295,452 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Micron Technology by 0.4% in the 2nd 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 in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Down 3.5 %

MU stock opened at $98.20 on Friday. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average is $103.46 and its 200-day moving average is $111.71. The firm has a market capitalization of $108.88 billion, a PE ratio of 144.41 and a beta of 1.18.

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

Micron Technology Dividend Announcement

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

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MU. Wells Fargo & Company decreased their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Stifel Nicolaus decreased their price target on Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Bank of America increased their price target on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. Finally, KeyCorp decreased their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

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.