PNC Financial Services Group Increases Investment in Micron Technology
PNC Financial Services Group Inc. has increased its investment in Micron Technology, Inc. (NASDAQ:MU). According to a recent filing with the Securities and Exchange Commission (SEC), PNC Financial Services Group Inc. increased its stake in the semiconductor manufacturer by 1.2% during the fourth quarter of relevant fiscal year. The firm now holds 414,072 shares of Micron Technology stock, having acquired an additional 4,947 shares during the period. The value of PNC Financial Services Group Inc.’s holdings in Micron Technology was approximately $34.8 million at the close of the most recent quarter.
Several other institutional investors also made adjustments to their positions in Micron, signaling a shift in investor sentiment.
Other Institutional Activity
Beacon Capital Management LLC significantly increased its holdings in Micron Technology. They grew their position by 114.9% during the fourth quarter and now hold 374 shares, valued at approximately $31,000, after purchasing an additional 200 shares.
True Wealth Design LLC also increased its investment substantially, growing its holdings by 1,096.3% during the third quarter. They currently own 323 shares worth approximately $33,000, having acquired an additional 296 shares.
Midwest Capital Advisors LLC initiated a new position in Micron Technology during the fourth quarter, valued at approximately $33,000.
Stone House Investment Management LLC increased its holdings by 602.2% during the third quarter. They now own 323 shares worth approximately $34,000 after acquiring an additional 277 shares.
Finally, Activest Wealth Management increased its holdings by 583.3% during the fourth quarter. They now own 410 shares valued at approximately $34,000, after acquiring an additional 350 shares.
Institutional investors collectively own 80.84% of Micron’s outstanding stock.
Insider Transactions
In other news, there were also insider transactions. Director Mary Pat Mccarthy sold 2,404 shares of Micron stock on relevant March date. The shares were sold at an average price of $92.93, resulting in a total transaction value of $223,403.72. Following the sale, the director now owns 27,358 shares in the company. This represents an 8.08% decrease in their position.
EVP April S. Arnzen also sold stocks on a relevant December date, selling 4,890 shares at an average price of $85.21, totaling $416,676.90. Following this transaction, she now owns 181,223 shares of the company, with a total value of $15,442,011.83. The trade represented a 2.63% decrease in her position.
Corporate insiders currently own 0.30% of Micron’s stock.
Analyst Ratings and Price Targets
Several analysts have recently adjusted their price targets for Micron Technology. Wells Fargo & Company lowered its target price from $175.00 to $140.00, maintaining an “overweight” rating. Similarly, Barclays reduced its target from $145.00 to $110.00, also with an “overweight” rating. Robert W. Baird lowered their target from $150.00 to $130.00, setting an “outperform” rating, while UBS Group lowered its target from $135.00 to $125.00 and set a “buy” rating. Sanford C. Bernstein lowered their target from $140.00 to $120.00, maintaining an “outperform” rating. Overall, the consensus rating for Micron Technology is a “Moderate Buy” with an average price target of $134.96.
Stock Performance
On relevant trading day, Micron Technology shares traded up $6.59, reaching $95.64. The company had a trading volume of 23,554,716 compared to its average volume of 22,192,342. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The market capitalization is $106.56 billion, its P/E ratio is 27.56, and the beta is 1.23. The debt-to-equity ratio is 0.28, the current ratio is 2.72, and the quick ratio is 1.75.
Earnings and Dividends
Micron Technology reported earnings per share (EPS) of $1.79 for the quarter ending on a relevant December date, exceeding analysts’ estimates of $1.60. The company’s revenue for the quarter was $8.71 billion. Micron also recently declared a quarterly dividend of $0.115 per share, which was paid on a relevant January date. The ex-dividend date for the dividend was December 30th. This amounts to an annualized dividend of $0.46 and a dividend yield of 0.48%. The company’s payout ratio is 13.26%.
