PNC Financial Services Group Inc. Has $34.85 Million Position in Micron Technology, Inc. (NASDAQ:MU)

PNC Financial Services Group Inc. raised its position in Micron Technology, Inc. (NASDAQ:MU) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 414,072 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,947 shares during the period. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $34,848,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Micron Technology by 21.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock valued at $1,174,643,000 after buying an additional 2,022,180 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $135,865,000. State Street Corp grew its position in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the last quarter. Worldquant Millennium Advisors LLC increased its position in Micron Technology by 254.4% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock worth $192,840,000 after buying an additional 1,334,690 shares during the period. Finally, Bridgewater Associates LP acquired a new stake in shares of Micron Technology during the third quarter worth $102,018,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays reduced their price target on Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Robert W. Baird dropped their target price on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Wedbush reiterated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Tuesday, December 17th. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus lowered their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $134.96.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

MU opened at $92.96 on Monday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $95.99 and a two-hundred day simple moving average of $98.29. The company has a market cap of $103.57 billion, a price-to-earnings ratio of 26.79 and a beta of 1.23. Micron Technology, Inc. has a 12-month low of $83.54 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter last year, the firm earned ($0.95) earnings per share. The business’s revenue for the quarter was up 84.3% on a year-over-year basis. Research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.49%. Micron Technology’s payout ratio is presently 13.26%.

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.