SRB Corp lifted its position in Micron Technology, Inc. (NASDAQ:MU) by 13.3% in the 1st quarter, Holdings Channel reports. The fund owned 16,924 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,993 shares during the period. SRB Corp’s holdings in Micron Technology were worth $700,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in MU. Vanguard Group Inc boosted its stake in Micron Technology by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock worth $3,974,651,000 after purchasing an additional 1,176,989 shares in the last quarter. Geode Capital Management LLC increased its position in Micron Technology by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock worth $463,429,000 after purchasing an additional 229,817 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Micron Technology by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,620,725 shares of the semiconductor manufacturer’s stock worth $562,739,000 after purchasing an additional 50,656 shares during the last quarter. Northern Trust Corp increased its position in Micron Technology by 0.7% in the 1st quarter. Northern Trust Corp now owns 12,369,000 shares of the semiconductor manufacturer’s stock worth $511,211,000 after purchasing an additional 92,028 shares during the last quarter. Finally, Norges Bank acquired a new position in Micron Technology in the 4th quarter worth about $365,896,000. Hedge funds and other institutional investors own 77.05% of the company’s stock.
Several analysts have recently issued reports on MU shares. Needham & Company LLC reiterated a “hold” rating on shares of Micron Technology in a research note on Thursday, March 21st. BidaskClub upgraded Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Zacks Investment Research upgraded Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley cut Micron Technology from an “equal weight” rating to an “underweight” rating and set a $32.00 target price for the company. in a report on Thursday, April 4th. Finally, Cowen cut Micron Technology from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $46.00 to $45.00 in a report on Monday, April 8th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the stock. Micron Technology presently has an average rating of “Hold” and an average target price of $50.89.
In related news, SVP Joel L. Poppen sold 20,210 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $41.45, for a total transaction of $837,704.50. Following the completion of the sale, the senior vice president now directly owns 269,368 shares of the company’s stock, valued at $11,165,303.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP April S. Arnzen sold 21,182 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total value of $834,358.98. Following the sale, the senior vice president now directly owns 86,992 shares of the company’s stock, valued at $3,426,614.88. The disclosure for this sale can be found here. Insiders have sold 55,878 shares of company stock worth $2,293,223 in the last three months. Corporate insiders own 0.20% of the company’s stock.
MU stock traded down $0.77 during trading on Friday, reaching $32.61. The company had a trading volume of 7,558,383 shares, compared to its average volume of 24,049,874. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.10. Micron Technology, Inc. has a twelve month low of $28.39 and a twelve month high of $61.83. The stock has a market capitalization of $36.48 billion, a PE ratio of 2.76 and a beta of 1.94.
Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.67 by $0.04. The business had revenue of $5.84 billion during the quarter, compared to analyst estimates of $5.82 billion. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.82 earnings per share. On average, equities research analysts expect that Micron Technology, Inc. will post 6.09 earnings per share for the current year.
Micron Technology Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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