Public Sector Pension Investment Board Has $55.51 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Public Sector Pension Investment Board lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 1,157.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 535,283 shares of the semiconductor manufacturer’s stock after purchasing an additional 492,700 shares during the quarter. Public Sector Pension Investment Board’s holdings in Micron Technology were worth $55,514,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MU. Citizens Financial Group Inc. RI boosted its stake in shares of Micron Technology by 66.6% in the first quarter. Citizens Financial Group Inc. RI now owns 4,399 shares of the semiconductor manufacturer’s stock valued at $519,000 after buying an additional 1,759 shares during the period. Strategic Wealth Partners Ltd. bought a new stake in shares of Micron Technology in the first quarter valued at approximately $234,000. Swedbank AB bought a new stake in shares of Micron Technology in the first quarter valued at approximately $54,432,000. Atria Investments Inc boosted its stake in shares of Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the period. Finally, Cetera Investment Advisers boosted its stake in shares of Micron Technology by 161.3% in the first quarter. Cetera Investment Advisers now owns 193,549 shares of the semiconductor manufacturer’s stock valued at $22,817,000 after buying an additional 119,489 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

NASDAQ MU opened at $98.20 on Thursday. The company has a market capitalization of $108.88 billion, a price-to-earnings ratio of 144.41 and a beta of 1.18. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The stock has a fifty day simple moving average of $103.28 and a 200 day simple moving average of $111.80. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the business posted ($1.21) EPS. The business’s revenue was up 93.3% compared to the same quarter last year. Sell-side analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. Micron Technology’s payout ratio is currently 67.65%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the 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 completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MU. Wells Fargo & Company cut their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. TD Cowen upped their target price on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. KeyCorp cut their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. UBS Group cut their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, Wedbush restated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Company 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.