Commonwealth Equity Services LLC Purchases 120,202 Shares of Micron Technology, Inc. (NASDAQ:MU)

Commonwealth Equity Services LLC boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 49.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 365,508 shares of the semiconductor manufacturer’s stock after purchasing an additional 120,202 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Micron Technology were worth $23,067,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Studio Investment Management LLC grew its holdings in Micron Technology by 0.8% during the fourth quarter. Studio Investment Management LLC now owns 21,367 shares of the semiconductor manufacturer’s stock worth $1,068,000 after acquiring an additional 167 shares during the period. Schear Investment Advisers LLC boosted its position in Micron Technology by 2.4% during the second quarter. Schear Investment Advisers LLC now owns 7,022 shares of the semiconductor manufacturer’s stock worth $443,000 after purchasing an additional 167 shares in the last quarter. Stonebridge Capital Advisors LLC increased its position in shares of Micron Technology by 6.6% in the first quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock valued at $210,000 after buying an additional 168 shares in the last quarter. 9258 Wealth Management LLC increased its position in shares of Micron Technology by 0.4% in the second quarter. 9258 Wealth Management LLC now owns 43,393 shares of the semiconductor manufacturer’s stock valued at $2,739,000 after buying an additional 169 shares in the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Micron Technology by 2.0% in the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 9,117 shares of the semiconductor manufacturer’s stock valued at $575,000 after buying an additional 177 shares in the last quarter. Institutional investors own 79.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $75.00 to $80.00 in a research report on Thursday, September 28th. Citigroup restated a “buy” rating and issued a $85.00 price objective on shares of Micron Technology in a research report on Thursday, September 28th. Mizuho boosted their price objective on Micron Technology from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. StockNews.com started coverage on Micron Technology in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Barclays lifted their price target on Micron Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $77.75.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $70.00, for a total value of $2,100,000.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at approximately $40,800,340. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $70.00, for a total transaction of $2,100,000.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at approximately $40,800,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Scott R. Allen sold 8,882 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $67.79, for a total value of $602,110.78. Following the sale, the chief accounting officer now directly owns 49,575 shares of the company’s stock, valued at $3,360,689.25. The disclosure for this sale can be found here. Insiders sold a total of 141,390 shares of company stock valued at $9,954,223 in the last three months. 0.33% of the stock is currently owned by company insiders.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $78.62 on Tuesday. The stock’s 50-day moving average is $70.14 and its two-hundred day moving average is $67.71. The company has a market cap of $86.33 billion, a price-to-earnings ratio of -14.72 and a beta of 1.30. Micron Technology, Inc. has a 1-year low of $48.43 and a 1-year high of $78.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.46 and a quick ratio of 2.70.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.15) by $0.08. The business had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The business’s quarterly revenue was down 39.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.36 EPS. Analysts forecast that Micron Technology, Inc. will post -2.52 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, October 10th were given a $0.115 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.59%. Micron Technology’s dividend payout ratio (DPR) is presently -8.61%.

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.