Pinnacle Financial Partners Inc Reduces Holdings in Micron Technology, Inc. (NASDAQ:MU)

Pinnacle Financial Partners Inc reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 1.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 135,065 shares of the semiconductor manufacturer’s stock after selling 1,395 shares during the period. Pinnacle Financial Partners Inc’s holdings in Micron Technology were worth $11,367,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC purchased a new stake in Micron Technology in the 3rd quarter valued at $26,000. Stone House Investment Management LLC grew its holdings in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 277 shares in the last quarter. True Wealth Design LLC lifted its stake in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. DT Investment Partners LLC lifted its stake in shares of Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares during the last quarter. Finally, Beacon Capital Management LLC lifted its stake in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after purchasing an additional 200 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Down 4.3 %

MU opened at $98.78 on Friday. Micron Technology, Inc. has a one year low of $83.54 and a one year high of $157.54. The company has a market cap of $110.06 billion, a P/E ratio of 28.47 and a beta of 1.18. 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 business’s 50-day simple moving average is $96.28 and its 200-day simple moving average is $98.76.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the prior year, the business posted ($0.95) EPS. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. As a group, equities research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. Micron Technology’s dividend payout ratio is presently 13.26%.

Analysts Set New Price Targets

Several brokerages have recently commented on MU. Piper Sandler decreased their price target on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Robert W. Baird decreased their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley decreased their price target on Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Finally, Needham & Company LLC decreased their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $134.96.

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.