Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 20.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 163,227 shares of the semiconductor manufacturer's stock after acquiring an additional 28,162 shares during the period. Pinnacle Financial Partners Inc's holdings in Micron Technology were worth $14,183,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in MU. Norges Bank purchased a new position in Micron Technology in the 4th quarter valued at approximately $1,470,875,000. Capital World Investors raised its position in Micron Technology by 63.7% in the 4th 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 in the last quarter. FMR LLC lifted its stake 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 acquiring an additional 12,249,341 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Micron Technology by 139.7% during the fourth 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 in the last quarter. Finally, Capital International Investors grew its stake in shares of Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MU shares. Stifel Nicolaus boosted their price target on shares of Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. UBS Group upped their target price on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. 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, June 26th. Cantor Fitzgerald lifted their price target on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Mizuho increased their price objective on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and an average target price of $146.21.

Insider Buying and Selling at Micron Technology

In related news, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.11, for a total value of $2,502,200.00. Following the completion of the transaction, the executive vice president owned 166,353 shares of the company's stock, valued at approximately $20,812,423.83. This represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 5,210 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total value of $632,233.50. Following the sale, the chief executive officer owned 379,675 shares in the company, valued at $46,073,561.25. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 172,042 shares of company stock worth $21,010,360. 0.30% of the stock is currently owned by insiders.

Micron Technology Trading Up 0.7%

Shares of MU stock traded up $0.85 during trading hours on Wednesday, hitting $121.74. 29,259,282 shares of the company were exchanged, compared to its average volume of 23,329,850. The firm has a fifty day moving average of $100.85 and a 200 day moving average of $94.48. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $137.13. The firm has a market cap of $136.24 billion, a PE ratio of 21.94 and a beta of 1.34.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the prior year, the firm posted $0.62 EPS. Analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

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.