Mutual of America Capital Management LLC raised its position in Micron Technology, Inc. (NASDAQ:MU) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 205,687 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,134 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Micron Technology were worth $10,786,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in MU. Clearwater Capital Advisors LLC bought a new stake in shares of Micron Technology during the 1st quarter valued at about $104,000. Brasada Capital Management LP boosted its stake in shares of Micron Technology by 100.0% during the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares in the last quarter. Tradewinds Capital Management LLC boosted its stake in shares of Micron Technology by 411.8% during the 2nd quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,606 shares in the last quarter. Avestar Capital LLC boosted its stake in shares of Micron Technology by 7,994.3% during the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock valued at $129,000 after purchasing an additional 2,798 shares in the last quarter. Finally, America First Investment Advisors LLC bought a new stake in shares of Micron Technology during the 2nd quarter valued at about $131,000. Hedge funds and other institutional investors own 77.43% of the company’s stock.
Shares of Micron Technology stock opened at $48.07 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The stock has a market capitalization of $54.64 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 0.50 and a beta of 1.61. Micron Technology, Inc. has a 52-week low of $29.28 and a 52-week high of $64.66.
Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $0.02. The business had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The business’s revenue for the quarter was up 40.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 earnings per share. research analysts predict that Micron Technology, Inc. will post 11.56 EPS for the current year.
Micron Technology declared that its board has authorized a stock repurchase plan on Monday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 16.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP Scott J. Deboer sold 24,795 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $62.00, for a total transaction of $1,537,290.00. Following the completion of the transaction, the executive vice president now directly owns 128,579 shares of the company’s stock, valued at $7,971,898. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert E. Switz sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the transaction, the director now directly owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The disclosure for this sale can be found here. Insiders sold 164,795 shares of company stock valued at $9,141,390 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.
A number of brokerages have recently weighed in on MU. Goldman Sachs Group set a $68.00 target price on shares of Micron Technology and gave the company a “buy” rating in a research note on Wednesday, July 18th. ValuEngine lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Wells Fargo & Co cut their target price on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Deutsche Bank boosted their price objective on shares of Micron Technology from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. Finally, Stifel Nicolaus set a $108.00 price objective on shares of Micron Technology and gave the stock a “buy” rating in a research note on Thursday, July 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Micron Technology has an average rating of “Buy” and an average target price of $71.83.
Micron Technology 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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