Flinton Capital Management LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 5.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 103,968 shares of the semiconductor manufacturer’s stock after selling 6,112 shares during the quarter. Flinton Capital Management LLC’s holdings in Micron Technology were worth $5,421,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of Micron Technology by 3.0% in the 1st quarter. US Bancorp DE now owns 39,934 shares of the semiconductor manufacturer’s stock worth $2,082,000 after acquiring an additional 1,146 shares during the last quarter. Intrust Bank NA lifted its holdings in shares of Micron Technology by 9.0% in the 4th quarter. Intrust Bank NA now owns 15,287 shares of the semiconductor manufacturer’s stock worth $629,000 after acquiring an additional 1,264 shares during the last quarter. Wetherby Asset Management Inc. lifted its holdings in shares of Micron Technology by 7.5% in the 1st quarter. Wetherby Asset Management Inc. now owns 18,245 shares of the semiconductor manufacturer’s stock worth $952,000 after acquiring an additional 1,271 shares during the last quarter. Fagan Associates Inc. lifted its holdings in shares of Micron Technology by 2.9% in the 1st quarter. Fagan Associates Inc. now owns 46,335 shares of the semiconductor manufacturer’s stock worth $2,416,000 after acquiring an additional 1,310 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Micron Technology by 7.0% in the 1st quarter. Boston Partners now owns 21,335 shares of the semiconductor manufacturer’s stock worth $1,112,000 after acquiring an additional 1,402 shares during the last quarter. Hedge funds and other institutional investors own 78.52% of the company’s stock.
Several brokerages have recently commented on MU. BMO Capital Markets upped their price objective on shares of Micron Technology from $43.00 to $63.00 and gave the stock a “market perform” rating in a report on Wednesday, March 21st. Vetr upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $61.52 price objective on the stock in a report on Monday, March 19th. Credit Suisse Group upped their price objective on shares of Micron Technology from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, March 20th. Zacks Investment Research upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Thursday. Finally, BidaskClub upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. Micron Technology has a consensus rating of “Buy” and a consensus price target of $66.86.
NASDAQ MU opened at $61.35 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.06 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $71.31 billion, a P/E ratio of 13.91, a P/E/G ratio of 0.54 and a beta of 1.36. Micron Technology, Inc. has a 12 month low of $26.85 and a 12 month high of $63.42.
Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.27. The firm had revenue of $7.35 billion for the quarter, compared to the consensus estimate of $7.28 billion. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The company’s revenue was up 58.2% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. research analysts forecast that Micron Technology, Inc. will post 11.36 EPS for the current fiscal year.
Micron Technology announced that its Board of Directors has authorized a share buyback program on Monday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, SVP April S. Arnzen sold 532 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $59.80, for a total value of $31,813.60. Following the transaction, the senior vice president now directly owns 57,437 shares of the company’s stock, valued at approximately $3,434,732.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Patrick J. Byrne sold 14,360 shares of the stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the completion of the transaction, the director now directly owns 100,299 shares in the company, valued at $4,644,846.69. The disclosure for this sale can be found here. Insiders sold a total of 56,587 shares of company stock worth $2,871,752 over the last ninety days. Insiders own 0.53% of the company’s stock.
Micron Technology Company Profile
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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