Pinebridge Investments L.P. lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 60.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,032 shares of the semiconductor manufacturer’s stock after buying an additional 2,647 shares during the period. Pinebridge Investments L.P.’s holdings in Micron Technology were worth $277,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the stock. Vantage Financial Partners Ltd. Inc. bought a new position in Micron Technology in the 2nd quarter worth about $500,000. IHT Wealth Management LLC bought a new position in Micron Technology in the 2nd quarter worth about $1,056,000. Jacobi Capital Management LLC grew its position in Micron Technology by 368.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock worth $135,000 after purchasing an additional 2,600 shares during the last quarter. Captrust Financial Advisors bought a new position in Micron Technology in the 2nd quarter worth about $107,000. Finally, Sowell Financial Services LLC bought a new position in Micron Technology in the 3rd quarter worth about $204,000. 81.16% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on the stock. Goldman Sachs Group raised shares of Micron Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $33.00 to $40.00 in a research note on Tuesday, September 12th. Susquehanna Bancshares upped their price target on shares of Micron Technology from $40.00 to $50.00 and gave the stock a “positive” rating in a research note on Tuesday, September 19th. UBS reaffirmed a “buy” rating and issued a $53.00 price target (up from $39.50) on shares of Micron Technology in a research note on Thursday, October 19th. They noted that the move was a valuation call. Deutsche Bank reaffirmed a “buy” rating and issued a $37.00 price target on shares of Micron Technology in a research note on Wednesday, September 6th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $38.00 price target on shares of Micron Technology in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $48.20.
Shares of Micron Technology, Inc. (MU) opened at $43.01 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.34 and a quick ratio of 1.75. The company has a market cap of $50,006.02, a P/E ratio of 9.73, a P/E/G ratio of 0.58 and a beta of 1.75. Micron Technology, Inc. has a 12-month low of $19.49 and a 12-month high of $49.89.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.18. The business had revenue of $6.14 billion during the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm’s quarterly revenue was up 90.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) EPS. research analysts forecast that Micron Technology, Inc. will post 7.42 earnings per share for the current year.
In related news, insider Joel L. Poppen sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $38.61, for a total value of $3,088,800.00. Following the completion of the sale, the insider now owns 266,966 shares in the company, valued at approximately $10,307,557.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 29,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $35.00, for a total transaction of $1,032,500.00. Following the completion of the sale, the executive vice president now owns 169,732 shares of the company’s stock, valued at approximately $5,940,620. The disclosure for this sale can be found here. In the last 90 days, insiders sold 298,088 shares of company stock valued at $11,512,538. 0.53% of the stock is owned by insiders.
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About Micron Technology
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