Zurcher Kantonalbank Zurich Cantonalbank Sells 238,355 Shares of Micron Technology, Inc. (NASDAQ:MU)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 19.8% in the third quarter, Holdings Channel.com reports. The fund owned 964,744 shares of the semiconductor manufacturer’s stock after selling 238,355 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Micron Technology were worth $100,054,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Citizens Financial Group Inc. RI boosted its position in Micron Technology by 66.6% during the first quarter. Citizens Financial Group Inc. RI now owns 4,399 shares of the semiconductor manufacturer’s stock valued at $519,000 after acquiring an additional 1,759 shares during the last quarter. Strategic Wealth Partners Ltd. bought a new stake in shares of Micron Technology during the 1st quarter valued at about $234,000. Swedbank AB acquired a new stake in Micron Technology during the first quarter worth approximately $54,432,000. Atria Investments Inc increased its holdings in Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after purchasing an additional 93 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in 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 owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on MU shares. Bank of America raised their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Raymond James upped their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. KeyCorp dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Morgan Stanley upped their target price 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, Citigroup reduced their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. One 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $143.04.

Insider Activity at Micron Technology

In other Micron Technology 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 owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.

Micron Technology Stock Down 3.5 %

Shares of NASDAQ:MU opened at $98.20 on Thursday. The firm has a fifty day moving average price of $103.28 and a two-hundred day moving average price of $111.80. The company has a market cap of $108.88 billion, a price-to-earnings ratio of 144.41 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a one year low of $72.93 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the company earned ($1.21) earnings per share. The firm’s quarterly revenue was up 93.3% on a year-over-year basis. Analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

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.