Cornerstone Wealth Management LLC Purchases 289 Shares of Micron Technology, Inc. (NASDAQ:MU)

Cornerstone Wealth Management LLC raised its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 6.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,585 shares of the semiconductor manufacturer’s stock after buying an additional 289 shares during the period. Cornerstone Wealth Management LLC’s holdings in Micron Technology were worth $386,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Highline Wealth Partners LLC bought a new position in Micron Technology during the 3rd quarter valued at $26,000. Davis Capital Management purchased a new stake in shares of Micron Technology in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Micron Technology during the second quarter valued at about $39,000. Stone House Investment Management LLC boosted its holdings in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares during the last quarter. Finally, True Wealth Design LLC grew its position in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by company insiders.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $103.19 on Monday. The company has a 50 day moving average of $98.36 and a 200 day moving average of $101.32. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The stock has a market cap of $114.97 billion, a P/E ratio of 29.74 and a beta of 1.18. Micron Technology, Inc. has a 12 month low of $79.15 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.95) earnings per share. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent analyst reports. KeyCorp dropped their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. China Renaissance assumed coverage on Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Wells Fargo & Company reduced their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Stifel Nicolaus cut their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

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.