Peoples Bank OH Makes New Investment in Micron Technology, Inc. $MU

Key Points

• Peoples Bank OH has made a new investment in Micron Technology, purchasing 6,585 shares valued at approximately $812,000 in the second quarter.
• Micron's stock has received positive ratings from multiple brokerages, with Wedbush raising its price target from $200 to $220 and a general trend towards a "Moderate Buy" consensus.
• The company has announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, with an annualized yield of 0.2%.

Peoples Bank OH purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,585 shares of the semiconductor manufacturer's stock, valued at approximately $812,000.

Other institutional investors have also made changes to their positions in the company. Mission Wealth Management LP increased its position in shares of Micron Technology by 195.2% during the first quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock valued at $1,360,000 after acquiring an additional 10,348 shares during the last quarter. TB Alternative Assets Ltd. increased its position in shares of Micron Technology by 331.3% during the first quarter. TB Alternative Assets Ltd. now owns 79,788 shares of the semiconductor manufacturer's stock valued at $6,933,000 after acquiring an additional 61,288 shares during the last quarter. Stock Yards Bank & Trust Co. acquired a new stake in shares of Micron Technology during the first quarter valued at about $228,000. Clarius Group LLC increased its position in shares of Micron Technology by 57.9% during the first quarter. Clarius Group LLC now owns 14,238 shares of the semiconductor manufacturer's stock valued at $1,237,000 after acquiring an additional 5,220 shares during the last quarter. Finally, Kera Capital Partners Inc. acquired a new stake in shares of Micron Technology during the second quarter valued at about $211,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MU. Wedbush lifted their price target on shares of Micron Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. Weiss Ratings restated a "hold (c)" rating on shares of Micron Technology in a report on Saturday, September 27th. Wall Street Zen cut shares of Micron Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Morgan Stanley lifted their price objective on shares of Micron Technology from $135.00 to $160.00 and gave the company an "equal weight" rating in a report on Monday, September 22nd. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $184.77.

Micron Technology Trading Up 2.2%

NASDAQ MU opened at $187.83 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $191.85. The stock has a market capitalization of $210.20 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.40 and a beta of 1.56. The firm has a 50 day moving average of $134.89 and a two-hundred day moving average of $110.70.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology's payout ratio is 6.06%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Richard M. Beyer sold 5,552 shares of the business's stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total transaction of $864,335.36. Following the completion of the transaction, the director owned 96,031 shares in the company, valued at $14,950,106.08. The trade was a 5.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the sale, the chief executive officer owned 310,148 shares of the company's stock, valued at $56,093,367.28. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,456 shares of company stock worth $15,698,445 over the last ninety days. 0.30% of the stock is currently owned by insiders.

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.

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