PNC Financial Services Group Inc. Purchases 22,741 Shares of Micron Technology, Inc. (NASDAQ:MU)

PNC Financial Services Group Inc. raised its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 436,813 shares of the semiconductor manufacturer's stock after purchasing an additional 22,741 shares during the period. PNC Financial Services Group Inc.'s holdings in Micron Technology were worth $37,955,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MU. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology in the fourth quarter worth $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the first quarter worth $33,000. Roxbury Financial LLC boosted its holdings in shares of Micron Technology by 306.1% in the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares during the period. AllSquare Wealth Management LLC boosted its holdings in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares during the period. Finally, Hurley Capital LLC bought a new position in shares of Micron Technology in the fourth quarter worth $37,000. 80.84% of the stock is owned by institutional investors.

Micron Technology Trading Down 3.9%

NASDAQ MU opened at $104.88 on Monday. The stock's 50-day simple moving average is $114.36 and its two-hundred day simple moving average is $97.92. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $117.37 billion, a price-to-earnings ratio of 18.90 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the business posted $0.62 earnings per share. Research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were issued a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. Micron Technology's payout ratio is currently 8.29%.

Analyst Ratings Changes

MU has been the subject of a number of analyst reports. Cantor Fitzgerald raised their price target on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Mizuho raised their price target on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. KeyCorp raised their price target on Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Rosenblatt Securities lifted their price objective on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Finally, The Goldman Sachs Group assumed coverage on Micron Technology in a research note on Thursday, July 10th. They set a "neutral" rating and a $130.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $146.44.

Insider Transactions at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the transaction, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,042 shares of company stock valued at $34,679,277. 0.30% of the stock is currently owned by corporate insiders.

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.

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