Bay Rivers Group Invests $652,000 in Micron Technology, Inc. (NASDAQ:MU)

Bay Rivers Group bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 12,130 shares of the semiconductor manufacturer’s stock, valued at approximately $652,000.

A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. lifted its holdings in Micron Technology by 1.0% during the second quarter. BlackRock Inc. now owns 73,370,753 shares of the semiconductor manufacturer’s stock worth $2,831,377,000 after acquiring an additional 717,819 shares in the last quarter. Platinum Investment Management Ltd. lifted its holdings in Micron Technology by 95.9% during the second quarter. Platinum Investment Management Ltd. now owns 5,021,110 shares of the semiconductor manufacturer’s stock worth $193,765,000 after acquiring an additional 2,458,645 shares in the last quarter. Amundi Pioneer Asset Management Inc. lifted its holdings in Micron Technology by 23.1% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 4,301,423 shares of the semiconductor manufacturer’s stock worth $165,992,000 after acquiring an additional 807,317 shares in the last quarter. Manning & Napier Group LLC lifted its holdings in Micron Technology by 135.5% during the third quarter. Manning & Napier Group LLC now owns 4,200,323 shares of the semiconductor manufacturer’s stock worth $179,983,000 after acquiring an additional 2,416,447 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in Micron Technology by 4.9% during the second quarter. Macquarie Group Ltd. now owns 2,703,113 shares of the semiconductor manufacturer’s stock worth $104,313,000 after acquiring an additional 126,673 shares in the last quarter. Hedge funds and other institutional investors own 77.28% of the company’s stock.

Micron Technology stock opened at $57.76 on Friday. Micron Technology, Inc. has a 12 month low of $32.14 and a 12 month high of $60.56. The stock’s 50 day moving average is $54.49 and its 200-day moving average is $47.97. The company has a current ratio of 2.56, a quick ratio of 1.78 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $65.61 billion, a price-to-earnings ratio of 16.49 and a beta of 1.98.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The company had revenue of $5.14 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. The firm’s revenue for the quarter was down 35.0% on a year-over-year basis. As a group, equities research analysts predict that Micron Technology, Inc. will post 2.09 earnings per share for the current fiscal year.

In related news, SVP April S. Arnzen sold 4,534 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.10, for a total value of $209,017.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joel L. Poppen sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total value of $1,139,400.00. Following the completion of the sale, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,534 shares of company stock valued at $2,448,417. 0.18% of the stock is currently owned by corporate insiders.

A number of analysts have recently commented on the company. Barclays restated a “buy” rating and issued a $70.00 price target on shares of Micron Technology in a report on Sunday, January 19th. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price target on shares of Micron Technology in a report on Thursday, December 19th. Cleveland Research upgraded Micron Technology from a “neutral” rating to a “buy” rating in a report on Tuesday, January 14th. Mizuho boosted their price target on Micron Technology from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Sanford C. Bernstein set a $65.00 price target on Micron Technology and gave the company a “buy” rating in a report on Friday, September 27th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $62.97.

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

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