Pinnacle Wealth Management Advisory Group LLC Acquires 1,324 Shares of Micron Technology, Inc. (NASDAQ:MU)

Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 43.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 4,397 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,324 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Micron Technology were worth $578,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Tidemark LLC acquired a new position in Micron Technology during the 4th quarter worth $25,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology during the first quarter valued at $25,000. Pingora Partners LLC bought a new position in Micron Technology in the fourth quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the 2nd quarter worth about $28,000. Finally, Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the 4th quarter worth about $29,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Down 1.4 %

Shares of MU traded down $1.41 during midday trading on Friday, hitting $102.85. The stock had a trading volume of 24,535,168 shares, compared to its average volume of 21,332,375. The firm has a market cap of $114.04 billion, a price-to-earnings ratio of -72.43 and a beta of 1.18. The company has a 50 day simple moving average of $118.55 and a two-hundred day simple moving average of $114.05. Micron Technology, Inc. has a twelve month low of $62.63 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the firm earned ($1.57) EPS. Micron Technology’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MU. Piper Sandler lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Raymond James lifted their target price on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Bank of America increased their price target on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Needham & Company LLC lifted their price objective on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, The Goldman Sachs Group increased their target price on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $157.52.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,174 shares of company stock valued at $8,635,073. Corporate insiders own 0.32% of the company’s stock.

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.