Pinnacle Associates Ltd. Has $5.85 Million Holdings in Micron Technology, Inc. (MU)

Pinnacle Associates Ltd. lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 9.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 142,180 shares of the semiconductor manufacturer’s stock after selling 15,565 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Micron Technology were worth $5,846,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in shares of Micron Technology by 26.7% in the fourth quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 9,810 shares of the semiconductor manufacturer’s stock valued at $403,000 after buying an additional 2,070 shares during the period. Swiss National Bank lifted its holdings in shares of Micron Technology by 1.3% in the third quarter. Swiss National Bank now owns 3,874,503 shares of the semiconductor manufacturer’s stock valued at $152,384,000 after buying an additional 49,200 shares during the period. LMR Partners LLP lifted its holdings in shares of Micron Technology by 6.9% in the third quarter. LMR Partners LLP now owns 27,653 shares of the semiconductor manufacturer’s stock valued at $1,088,000 after buying an additional 1,776 shares during the period. AMP Capital Investors Ltd lifted its holdings in shares of Micron Technology by 14.1% in the third quarter. AMP Capital Investors Ltd now owns 801,496 shares of the semiconductor manufacturer’s stock valued at $31,521,000 after buying an additional 99,231 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Micron Technology by 5.1% in the third quarter. Sei Investments Co. now owns 1,561,222 shares of the semiconductor manufacturer’s stock valued at $61,403,000 after buying an additional 76,222 shares during the period. Institutional investors own 81.34% of the company’s stock.

A number of equities research analysts have recently issued reports on MU shares. Wells Fargo & Co reaffirmed a “buy” rating and set a $54.00 target price (up from $45.00) on shares of Micron Technology in a research report on Wednesday, December 20th. Zacks Investment Research lowered Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 28th. BidaskClub raised Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Cowen set a $50.00 target price on Micron Technology and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Finally, JPMorgan Chase & Co. boosted their target price on Micron Technology to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $55.80.

In other news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $41.38, for a total transaction of $124,140.00. Following the completion of the sale, the director now owns 116,699 shares in the company, valued at approximately $4,829,004.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 14,750 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $43.28, for a total value of $638,380.00. Following the sale, the executive vice president now owns 134,854 shares of the company’s stock, valued at approximately $5,836,481.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,692 shares of company stock worth $7,473,967. Insiders own 0.53% of the company’s stock.

Micron Technology, Inc. (MU) opened at $46.53 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.39 and a quick ratio of 1.83. Micron Technology, Inc. has a 52-week low of $22.64 and a 52-week high of $49.89. The firm has a market capitalization of $56,580.00, a PE ratio of 7.33, a price-to-earnings-growth ratio of 0.44 and a beta of 1.62.

Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The company had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.43 billion. During the same period in the prior year, the firm posted $0.32 EPS. The business’s revenue was up 71.4% compared to the same quarter last year. sell-side analysts anticipate that Micron Technology, Inc. will post 10.12 earnings per share for the current year.

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Micron Technology Company Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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