Wealth & Pension Services Group Inc. bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,939 shares of the semiconductor manufacturer’s stock, valued at approximately $1,046,000. Micron Technology makes up approximately 1.3% of Wealth & Pension Services Group Inc.’s holdings, making the stock its 18th biggest position.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Clearwater Capital Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter worth about $104,000. Brasada Capital Management LP increased its holdings in shares of Micron Technology by 100.0% in the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after buying an additional 1,000 shares during the last quarter. Tradewinds Capital Management LLC increased its holdings in shares of Micron Technology by 411.8% in the 2nd quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 1,606 shares during the last quarter. Credit Agricole S A increased its holdings in shares of Micron Technology by 199,900.0% in the 2nd quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 1,999 shares during the last quarter. Finally, Avestar Capital LLC increased its holdings in shares of Micron Technology by 7,994.3% in the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after buying an additional 2,798 shares during the last quarter. Institutional investors own 74.04% of the company’s stock.
In other news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the stock in a transaction 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 in the company, valued at $6,995,879.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert E. Switz sold 75,000 shares of the stock in a transaction 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 approximately $6,414,508.38. The disclosure for this sale can be found here. Insiders have sold a total of 140,000 shares of company stock worth $7,604,100 in the last 90 days. 0.53% of the stock is currently owned by company insiders.
Several equities analysts recently commented on the stock. Macquarie cut their price target on shares of Micron Technology from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday. MKM Partners reiterated a “buy” rating and set a $63.00 price target (down from $77.00) on shares of Micron Technology in a report on Thursday. BidaskClub cut shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Thursday. ValuEngine cut shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Goldman Sachs Group cut shares of Micron Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $50.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $70.52.
NASDAQ:MU opened at $44.30 on Friday. Micron Technology, Inc. has a 52 week low of $34.09 and a 52 week high of $64.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The company has a market cap of $48.41 billion, a P/E ratio of 4.04, a PEG ratio of 0.48 and a beta of 1.63.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The business had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.76 billion. During the same quarter in the prior year, the business posted $1.62 EPS. Micron Technology’s revenue for the quarter was up 40.1% compared to the same quarter last year. equities analysts anticipate that Micron Technology, Inc. will post 11.56 EPS for the current fiscal year.
Micron Technology announced that its Board of Directors has initiated a share buyback program on Monday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board 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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