Cornerstone Wealth Group LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Wealth Group LLC bought a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,445 shares of the semiconductor manufacturer's stock, valued at approximately $212,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter valued at about $1,470,875,000. Capital World Investors lifted its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC boosted its holdings in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the last quarter. Capital Research Global Investors grew its position in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors raised its stake in Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after buying an additional 4,375,232 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday. Stifel Nicolaus boosted their price target on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday. Rosenblatt Securities increased their price objective on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday. Bank of America raised their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Mizuho upped their target price on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $144.67.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 5,210 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the transaction, the chief executive officer now owns 379,675 shares of the company's stock, valued at approximately $46,073,561.25. The trade was a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now owns 186,353 shares in the company, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,404 shares of company stock valued at $4,130,167 in the last quarter. 0.30% of the stock is currently owned by insiders.

Micron Technology Price Performance

Shares of MU stock traded down $1.25 during mid-day trading on Thursday, hitting $126.00. The company had a trading volume of 62,077,374 shares, compared to its average volume of 23,619,495. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The stock's 50 day moving average price is $96.45 and its 200-day moving average price is $93.89. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $144.07. The company has a market capitalization of $140.81 billion, a P/E ratio of 30.22 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. During the same quarter in the previous year, the company earned $0.62 EPS. Equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is presently 11.03%.

Micron Technology Company 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.