First Interstate Bank raised its stake in Micron Technology, Inc. (NASDAQ:MU) by 6.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,500 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,000 shares during the period. First Interstate Bank’s holdings in Micron Technology were worth $675,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of MU. Manning & Napier Group LLC bought a new stake in Micron Technology in the second quarter valued at $68,838,000. TD Asset Management Inc. increased its position in shares of Micron Technology by 375.9% during the second quarter. TD Asset Management Inc. now owns 1,766,209 shares of the semiconductor manufacturer’s stock worth $68,158,000 after acquiring an additional 1,395,097 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Micron Technology by 393.4% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,393,834 shares of the semiconductor manufacturer’s stock worth $57,607,000 after acquiring an additional 1,111,322 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Micron Technology by 188.1% during the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,550,181 shares of the semiconductor manufacturer’s stock worth $64,068,000 after acquiring an additional 1,012,108 shares in the last quarter. Finally, FIL Ltd increased its position in shares of Micron Technology by 767,532.8% during the first quarter. FIL Ltd now owns 890,454 shares of the semiconductor manufacturer’s stock worth $36,802,000 after acquiring an additional 890,338 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.
MU stock traded up $1.48 during trading on Monday, reaching $45.03. The stock had a trading volume of 5,845,770 shares, compared to its average volume of 29,026,112. Micron Technology, Inc. has a one year low of $28.39 and a one year high of $53.68. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $43.22 and its two-hundred day moving average is $40.09. The company has a market capitalization of $46.62 billion, a price-to-earnings ratio of 3.81 and a beta of 1.96.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the firm posted $3.15 EPS. The firm’s quarterly revenue was down 38.6% compared to the same quarter last year. As a group, research analysts predict that Micron Technology, Inc. will post 6.06 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on MU shares. Cfra downgraded shares of Micron Technology to a “sell” rating and set a $32.00 target price for the company. in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. reissued an “overweight” rating on shares of Micron Technology in a research report on Friday, June 21st. Bank of America boosted their target price on shares of Micron Technology from $45.00 to $60.00 and gave the stock an “average” rating in a research report on Thursday, July 18th. Needham & Company LLC raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday, June 26th. Finally, Goldman Sachs Group downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating in a research report on Monday, July 22nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $48.27.
In other Micron Technology news, SVP April S. Arnzen sold 2,400 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $48.44, for a total value of $116,256.00. Following the transaction, the senior vice president now directly owns 76,992 shares in the company, valued at $3,729,492.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Joel L. Poppen sold 654 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $45.64, for a total transaction of $29,848.56. The disclosure for this sale can be found here. Insiders sold a total of 57,244 shares of company stock valued at $2,624,899 over the last ninety days. 0.20% of the stock is currently owned by insiders.
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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