Moors & Cabot Inc. Purchases 2,902 Shares of Micron Technology, Inc. (NASDAQ:MU)

Moors & Cabot Inc. raised its position in Micron Technology, Inc. (NASDAQ:MU) by 26.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,797 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,902 shares during the quarter. Moors & Cabot Inc.’s holdings in Micron Technology were worth $1,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Chartwell Investment Partners LLC grew its position in Micron Technology by 26.4% during the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after buying an additional 40,802 shares during the period. Global X Japan Co. Ltd. grew its position in shares of Micron Technology by 23.1% during the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock valued at $5,375,000 after acquiring an additional 9,735 shares during the period. River Road Asset Management LLC increased its stake in shares of Micron Technology by 9.1% in the 3rd quarter. River Road Asset Management LLC now owns 163,272 shares of the semiconductor manufacturer’s stock worth $16,933,000 after purchasing an additional 13,573 shares in the last quarter. RWQ Financial Management Services Inc. bought a new position in Micron Technology in the 3rd quarter worth $1,270,000. Finally, Chapin Davis Inc. purchased a new position in Micron Technology during the second quarter valued at $4,056,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Up 4.1 %

Shares of NASDAQ:MU opened at $102.43 on Friday. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The business’s fifty day simple moving average is $102.23 and its 200-day simple moving average is $112.35.

Micron Technology (NASDAQ:MU) last released its quarterly 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. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same period in the prior year, the firm posted ($1.21) earnings per share. The company’s quarterly revenue was up 93.3% on a year-over-year basis. As a group, equities research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on MU shares. Susquehanna reduced their price target on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Raymond James raised their target price on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price objective for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $143.04.

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.