Public Sector Pension Investment Board Buys 492,700 Shares of Micron Technology, Inc. (NASDAQ:MU)

Public Sector Pension Investment Board increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 1,157.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 535,283 shares of the semiconductor manufacturer’s stock after buying an additional 492,700 shares during the quarter. Public Sector Pension Investment Board’s holdings in Micron Technology were worth $55,514,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Citizens Financial Group Inc. RI raised its position in Micron Technology by 66.6% in the 1st quarter. Citizens Financial Group Inc. RI now owns 4,399 shares of the semiconductor manufacturer’s stock valued at $519,000 after purchasing an additional 1,759 shares during the last quarter. Strategic Wealth Partners Ltd. bought a new stake in shares of Micron Technology during the first quarter worth $234,000. Swedbank AB bought a new stake in shares of Micron Technology during the first quarter worth $54,432,000. Atria Investments Inc raised its position in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after acquiring an additional 93 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Micron Technology by 161.3% during the first quarter. Cetera Investment Advisers now owns 193,549 shares of the semiconductor manufacturer’s stock worth $22,817,000 after acquiring an additional 119,489 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $98.20 on Thursday. The business’s 50 day moving average price is $103.28 and its two-hundred day moving average price is $111.80. The company has a market cap of $108.88 billion, a PE ratio of 144.41 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The firm had revenue of $7.75 billion for 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%. The business’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.21) earnings per share. On average, analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders 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 yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of analyst reports. TD Cowen lifted their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a research note on Tuesday, October 1st. Raymond James boosted their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Robert W. Baird decreased their target price on Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, September 27th. Finally, Citigroup decreased their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price 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.