Cornerstone Select Advisors LLC Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Select Advisors LLC bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,216 shares of the semiconductor manufacturer's stock, valued at approximately $1,028,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Trivant Custom Portfolio Group LLC grew its holdings in Micron Technology by 20.0% during the fourth quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer's stock valued at $50,000 after purchasing an additional 100 shares during the last quarter. Xcel Wealth Management LLC lifted its stake in shares of Micron Technology by 1.8% in the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer's stock worth $518,000 after buying an additional 108 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer's stock worth $250,000 after buying an additional 108 shares during the period. Twin Capital Management Inc. grew its stake in Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after buying an additional 108 shares during the last quarter. Finally, Lebenthal Global Advisors LLC raised its holdings in Micron Technology by 1.5% in the 4th quarter. Lebenthal Global Advisors LLC now owns 7,474 shares of the semiconductor manufacturer's stock worth $629,000 after acquiring an additional 114 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,808 shares of company stock worth $1,858,424. Insiders own 0.30% of the company's stock.

Micron Technology Trading Up 0.2 %

Shares of MU opened at $80.60 on Wednesday. The stock has a fifty day moving average price of $83.06 and a two-hundred day moving average price of $93.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company has a market cap of $90.08 billion, a price-to-earnings ratio of 23.23 and a beta of 1.21. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. Analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio is 11.03%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a report on Friday, March 21st. Rosenblatt Securities decreased their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. Robert W. Baird raised their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company reissued an "equal weight" rating on shares of Micron Technology in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of "Moderate Buy" and an average target price of $127.04.

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.

Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.