Cornerstone Investment Partners LLC Decreases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Investment Partners LLC lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 859,853 shares of the semiconductor manufacturer’s stock after selling 5,530 shares during the quarter. Micron Technology comprises 4.1% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 4th biggest holding. Cornerstone Investment Partners LLC owned 0.08% of Micron Technology worth $73,380,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sandy Spring Bank raised its position in shares of Micron Technology by 11.1% in the 4th quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock worth $111,000 after acquiring an additional 130 shares in the last quarter. HMS Capital Management LLC raised its position in shares of Micron Technology by 0.7% in the 4th quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer’s stock worth $1,693,000 after acquiring an additional 138 shares in the last quarter. Huntington National Bank raised its position in shares of Micron Technology by 6.0% in the 3rd quarter. Huntington National Bank now owns 2,652 shares of the semiconductor manufacturer’s stock worth $180,000 after acquiring an additional 149 shares in the last quarter. Allworth Financial LP increased its position in Micron Technology by 3.0% during the 4th quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer’s stock valued at $437,000 after buying an additional 150 shares in the last quarter. Finally, Homestead Advisers Corp increased its position in Micron Technology by 12.5% during the 3rd quarter. Homestead Advisers Corp now owns 1,372 shares of the semiconductor manufacturer’s stock valued at $93,000 after buying an additional 152 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 4.5 %

Shares of NASDAQ:MU traded down $5.08 on Friday, hitting $106.85. 16,338,150 shares of the company’s stock were exchanged, compared to its average volume of 20,388,377. The firm’s 50-day moving average is $102.53 and its 200 day moving average is $86.40. The company has a market capitalization of $118.32 billion, a PE ratio of -31.17 and a beta of 1.27. Micron Technology, Inc. has a 1-year low of $58.03 and a 1-year high of $130.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($2.03) EPS. Sell-side analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the transaction, the chief executive officer now owns 642,251 shares of the company’s stock, valued at approximately $56,139,159.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $87.41, for a total transaction of $611,870.00. Following the transaction, the chief executive officer now owns 642,251 shares of the company’s stock, valued at approximately $56,139,159.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 313,890 shares of company stock worth $33,617,027. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MU. Wells Fargo & Company boosted their price target on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Stifel Nicolaus restated a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research note on Friday, April 12th. Mizuho upped their target price on Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Thursday, March 21st. Finally, UBS Group upped their target price on Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $122.20.

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.