PDT Partners LLC Sells 33,400 Shares of Micron Technology, Inc. (NASDAQ:MU)

PDT Partners LLC lessened its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 83.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 6,600 shares of the semiconductor manufacturer’s stock after selling 33,400 shares during the period. PDT Partners LLC’s holdings in Micron Technology were worth $684,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MU. Channing Global Advisors LLC acquired a new position in Micron Technology in the third quarter valued at approximately $3,318,000. Icon Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 3rd quarter valued at $186,000. Vinva Investment Management Ltd lifted its position in shares of Micron Technology by 35.1% during the 3rd quarter. Vinva Investment Management Ltd now owns 50,193 shares of the semiconductor manufacturer’s stock valued at $5,396,000 after acquiring an additional 13,034 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Micron Technology by 21.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after acquiring an additional 2,022,180 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in Micron Technology by 1,157.0% in the third quarter. Public Sector Pension Investment Board now owns 535,283 shares of the semiconductor manufacturer’s stock worth $55,514,000 after purchasing an additional 492,700 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Susquehanna dropped their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. China Renaissance began coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Morgan Stanley raised their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Citigroup lowered their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $150.00 price target on shares of Micron Technology in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $98.55 on Tuesday. The company has a market capitalization of $109.79 billion, a P/E ratio of 144.93 and a beta of 1.18. The company’s 50-day moving average is $103.60 and its 200 day moving average is $111.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the previous year, the company earned ($1.21) earnings per share. The company’s quarterly revenue was up 93.3% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.32% of the company’s stock.

Micron Technology 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.