Somerset Trust Co Acquires 156 Shares of Micron Technology, Inc. (NASDAQ:MU)

Somerset Trust Co boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 4,270 shares of the semiconductor manufacturer’s stock after acquiring an additional 156 shares during the period. Somerset Trust Co’s holdings in Micron Technology were worth $443,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MU. Bruce G. Allen Investments LLC raised its position in shares of Micron Technology by 53.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 934 shares of the semiconductor manufacturer’s stock valued at $97,000 after acquiring an additional 325 shares during the period. Sanibel Captiva Trust Company Inc. raised its stake in Micron Technology by 99.3% during the 3rd quarter. Sanibel Captiva Trust Company Inc. now owns 8,591 shares of the semiconductor manufacturer’s stock worth $891,000 after buying an additional 4,281 shares during the period. Wedmont Private Capital lifted its holdings in Micron Technology by 0.9% during the third quarter. Wedmont Private Capital now owns 12,887 shares of the semiconductor manufacturer’s stock worth $1,326,000 after acquiring an additional 120 shares in the last quarter. Sage Capital Advisors llc acquired a new position in Micron Technology in the third quarter valued at about $248,000. Finally, Lbmc Investment Advisors LLC increased its holdings in shares of Micron Technology by 170.4% in the third quarter. Lbmc Investment Advisors LLC now owns 8,776 shares of the semiconductor manufacturer’s stock worth $910,000 after acquiring an additional 5,530 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of MU stock opened at $101.70 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The company has a market cap of $112.77 billion, a P/E ratio of -71.62, a P/E/G ratio of 0.20 and a beta of 1.18. Micron Technology, Inc. has a twelve month low of $63.88 and a twelve month high of $157.54. The business has a fifty day simple moving average of $96.40 and a 200 day simple moving average of $115.04.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period last year, the company earned ($1.21) earnings per share. On average, sell-side analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MU shares. Wells Fargo & Company lowered their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. TD Cowen lifted their target price on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. Morgan Stanley boosted their price target on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Finally, Raymond James increased their price objective on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.85.

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.