Salem Investment Counselors Inc. Has $42.43 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Salem Investment Counselors Inc. reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MUFree Report) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 359,608 shares of the semiconductor manufacturer’s stock after selling 2,823 shares during the period. Micron Technology accounts for approximately 1.4% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 16th biggest holding. Salem Investment Counselors Inc.’s holdings in Micron Technology were worth $42,434,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MU. Norges Bank acquired a new position in Micron Technology during the 4th quarter valued at about $769,372,000. Wellington Management Group LLP boosted its stake in Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the last quarter. Morgan Stanley boosted its stake in Micron Technology by 19.7% during the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. California Public Employees Retirement System boosted its stake in Micron Technology by 125.0% during the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after purchasing an additional 2,523,267 shares during the last quarter. Finally, Phoenix Holdings Ltd. boosted its stake in Micron Technology by 8,336.6% during the 3rd quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock valued at $117,762,000 after purchasing an additional 1,753,262 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 3.2 %

Shares of MU traded down $4.65 during trading hours on Friday, hitting $139.54. The company had a trading volume of 51,189,670 shares, compared to its average volume of 16,941,252. The firm has a market cap of $154.52 billion, a P/E ratio of -40.45 and a beta of 1.21. The stock’s 50 day moving average price is $125.90 and its 200 day moving average price is $104.12. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 52-week low of $60.50 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MUGet Free Report) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s revenue was up 57.7% on a year-over-year basis. During the same quarter last year, the firm earned ($2.03) EPS. On average, research analysts predict that Micron Technology, Inc. will post 0.39 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on MU shares. Raymond James lifted their target price on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday. The Goldman Sachs Group lifted their target price on shares of Micron Technology from $122.00 to $138.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Piper Sandler lifted their target price on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Robert W. Baird raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $115.00 to $150.00 in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $147.32.

Get Our Latest Analysis on MU

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 320,446 shares of company stock valued at $38,724,533 in the last quarter. Insiders own 0.32% of the company’s stock.

Micron Technology Company Profile

(Free Report)

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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