Banco de Sabadell S.A reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 68.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,135 shares of the semiconductor manufacturer’s stock after selling 17,570 shares during the period. Banco de Sabadell S.A’s holdings in Micron Technology were worth $429,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Micron Technology by 47.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock worth $316,921,000 after acquiring an additional 1,958,119 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Micron Technology by 632.0% in the second quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock worth $106,328,000 after acquiring an additional 1,750,604 shares during the period. Natixis lifted its stake in shares of Micron Technology by 345.7% in the second quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock worth $106,388,000 after acquiring an additional 1,573,549 shares during the period. Parnassus Investments CA lifted its stake in shares of Micron Technology by 40.0% in the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after acquiring an additional 1,400,000 shares during the period. Finally, CIBC World Markets Inc. lifted its stake in shares of Micron Technology by 234.9% in the first quarter. CIBC World Markets Inc. now owns 1,743,648 shares of the semiconductor manufacturer’s stock worth $90,914,000 after acquiring an additional 1,223,063 shares during the period. Institutional investors own 74.04% of the company’s stock.
In other news, Director Robert E. Switz sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the completion of the sale, the director now owns 120,257 shares in the company, valued at $6,414,508.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, July 20th. The shares were sold at an average price of $55.09, for a total value of $2,203,600.00. Following the sale, the senior vice president now owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,000 shares of company stock valued at $7,604,100. Corporate insiders own 0.53% of the company’s stock.
A number of research firms recently commented on MU. Macquarie cut their price objective on Micron Technology from $80.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday. MKM Partners reaffirmed a “buy” rating and issued a $63.00 price objective (down from $77.00) on shares of Micron Technology in a research note on Thursday. BidaskClub lowered Micron Technology from a “hold” rating to a “sell” rating in a research note on Thursday. ValuEngine lowered Micron Technology from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Goldman Sachs Group lowered Micron Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $68.00 to $50.00 in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology presently has a consensus rating of “Buy” and an average target price of $70.52.
NASDAQ MU opened at $44.30 on Friday. The company has a market cap of $48.41 billion, a PE ratio of 10.05, a PEG ratio of 0.48 and a beta of 1.63. Micron Technology, Inc. has a 52 week low of $34.09 and a 52 week high of $64.66. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.13 by $0.02. The firm had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The company’s quarterly revenue was up 40.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.62 earnings per share. equities analysts anticipate that Micron Technology, Inc. will post 11.56 earnings per share for the current fiscal year.
Micron Technology announced that its Board of Directors has initiated a stock buyback program on Monday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 16.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
About Micron Technology
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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