Avantax Advisory Services Inc. lifted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 115.7% during the third quarter, Holdings Channel reports. The institutional investor owned 40,648 shares of the semiconductor manufacturer’s stock after acquiring an additional 21,802 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Micron Technology were worth $1,904,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in MU. Westside Investment Management Inc. lifted its stake in Micron Technology by 37.1% during the 3rd quarter. Westside Investment Management Inc. now owns 12,188 shares of the semiconductor manufacturer’s stock valued at $188,224,000 after acquiring an additional 3,300 shares during the period. Grassi Investment Management lifted its stake in shares of Micron Technology by 26.3% in the 3rd quarter. Grassi Investment Management now owns 84,650 shares of the semiconductor manufacturer’s stock worth $3,975,000 after purchasing an additional 17,625 shares during the period. KG&L Capital Management LLC bought a new position in shares of Micron Technology in the 3rd quarter worth approximately $203,000. Successful Portfolios LLC raised its stake in Micron Technology by 9.0% during the 3rd quarter. Successful Portfolios LLC now owns 6,151 shares of the semiconductor manufacturer’s stock worth $289,000 after acquiring an additional 510 shares during the period. Finally, Pinnacle Bank raised its stake in Micron Technology by 261.0% during the 3rd quarter. Pinnacle Bank now owns 722 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 522 shares during the period. 79.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ MU opened at $51.61 on Friday. The stock’s 50 day moving average price is $48.15 and its two-hundred day moving average price is $47.75. Micron Technology, Inc. has a 52-week low of $31.13 and a 52-week high of $61.19. The stock has a market capitalization of $57.34 billion, a P/E ratio of 21.78, a PEG ratio of 1.51 and a beta of 1.29. The company has a quick ratio of 1.86, a current ratio of 2.71 and a debt-to-equity ratio of 0.16.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Tuesday, September 29th. The semiconductor manufacturer reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.13. Micron Technology had a return on equity of 7.73% and a net margin of 12.54%. The business had revenue of $6.06 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm earned $0.56 EPS. The business’s quarterly revenue was up 24.4% on a year-over-year basis. On average, analysts anticipate that Micron Technology, Inc. will post 2.41 EPS for the current year.
In other news, EVP Scott J. Deboer sold 13,695 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $48.34, for a total transaction of $662,016.30. Following the completion of the sale, the executive vice president now directly owns 142,063 shares of the company’s stock, valued at approximately $6,867,325.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.
A number of equities research analysts have issued reports on MU shares. UBS Group cut their price objective on shares of Micron Technology from $63.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Raymond James lifted their target price on Micron Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, June 30th. KeyCorp lifted their target price on Micron Technology from $59.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. Wedbush restated a “neutral” rating and issued a $55.00 price objective on shares of Micron Technology in a report on Tuesday, June 30th. Finally, Cowen cut their target price on Micron Technology from $60.00 to $57.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $61.71.
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.
Further Reading: What is Liquidity?
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