PNC Financial Services Group Inc. reduced its position in Micron Technology, Inc. (NASDAQ:MU) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,726 shares of the semiconductor manufacturer’s stock after selling 6,583 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Micron Technology were worth $10,545,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in MU. Central Bank & Trust Co. bought a new position in Micron Technology in the first quarter worth about $25,000. RMR Wealth Builders bought a new position in Micron Technology in the fourth quarter worth about $27,000. Allred Capital Management LLC raised its holdings in Micron Technology by 263.8% in the first quarter. Allred Capital Management LLC now owns 633 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 459 shares in the last quarter. Wealth Quarterback LLC bought a new position in Micron Technology in the fourth quarter worth about $29,000. Finally, WASHINGTON TRUST Co bought a new position in Micron Technology in the first quarter worth about $30,000. Hedge funds and other institutional investors own 78.73% of the company’s stock.
Micron Technology stock opened at $44.94 on Friday. The company has a current ratio of 2.74, a quick ratio of 1.85 and a debt-to-equity ratio of 0.15. Micron Technology, Inc. has a 12 month low of $31.13 and a 12 month high of $61.19. The stock’s 50 day simple moving average is $45.26 and its two-hundred day simple moving average is $49.68. The firm has a market cap of $50.29 billion, a PE ratio of 22.25, a P/E/G ratio of 2.37 and a beta of 1.64.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Micron Technology had a return on equity of 7.16% and a net margin of 11.72%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.69 billion. During the same quarter in the prior year, the firm posted $1.71 EPS. The business’s quarterly revenue was down 17.7% compared to the same quarter last year. On average, equities research analysts forecast that Micron Technology, Inc. will post 1.86 EPS for the current year.
MU has been the subject of a number of recent research reports. Mizuho reduced their target price on shares of Micron Technology from $65.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Piper Sandler reduced their target price on shares of Micron Technology from $56.00 to $48.00 in a report on Thursday, March 26th. UBS Group upgraded Micron Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $47.00 to $75.00 in a research note on Wednesday, February 12th. Needham & Company LLC started coverage on Micron Technology in a research note on Tuesday. They set a “buy” rating and a $63.00 price target on the stock. Finally, Cascend Securities boosted their price target on Micron Technology from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $60.98.
In other news, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $45.00, for a total transaction of $114,390.00. Following the completion of the transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP April S. Arnzen sold 4,441 shares of the company’s stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $45.00, for a total value of $199,845.00. Following the transaction, the senior vice president now directly owns 75,596 shares of the company’s stock, valued at $3,401,820. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,383 shares of company stock worth $555,135. Insiders own 0.18% of the company’s stock.
Micron Technology Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
Featured Story: Cost of Capital Explained
Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.