Chicago Equity Partners LLC grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 204.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,935 shares of the semiconductor manufacturer’s stock after purchasing an additional 71,135 shares during the quarter. Chicago Equity Partners LLC’s holdings in Micron Technology were worth $5,555,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of MU. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Micron Technology by 47.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock valued at $316,921,000 after purchasing an additional 1,958,119 shares in the last quarter. Parnassus Investments CA lifted its holdings in shares of Micron Technology by 40.0% in the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after purchasing an additional 1,400,000 shares in the last quarter. CIBC World Markets Inc. lifted its holdings in shares of Micron Technology by 234.9% in the first quarter. CIBC World Markets Inc. now owns 1,743,648 shares of the semiconductor manufacturer’s stock valued at $90,914,000 after purchasing an additional 1,223,063 shares in the last quarter. Jericho Capital Asset Management L.P. bought a new position in shares of Micron Technology in the first quarter valued at approximately $48,557,000. Finally, Global Thematic Partners LLC lifted its holdings in shares of Micron Technology by 178.5% in the second quarter. Global Thematic Partners LLC now owns 1,273,854 shares of the semiconductor manufacturer’s stock valued at $66,802,000 after purchasing an additional 816,374 shares in the last quarter. Institutional investors own 74.02% of the company’s stock.
Micron Technology stock opened at $51.83 on Thursday. Micron Technology, Inc. has a 52 week low of $30.70 and a 52 week high of $64.66. 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 cap of $60.39 billion, a P/E ratio of 5.05, a price-to-earnings-growth ratio of 0.55 and a beta of 1.61.
Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The business had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. During the same period in the previous year, the business earned $1.62 earnings per share. The firm’s revenue was up 40.1% on a year-over-year basis. equities research analysts predict that Micron Technology, Inc. will post 11.56 earnings per share for the current fiscal year.
Micron Technology announced that its Board of Directors has initiated a stock buyback program on Monday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Micron Technology news, Director Robert E. Switz sold 75,000 shares of Micron Technology stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the completion of the sale, the director now owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert E. Switz sold 25,000 shares of Micron Technology stock in a transaction dated Friday, July 13th. The stock was sold at an average price of $56.00, for a total value of $1,400,000.00. Following the sale, the director now directly owns 120,257 shares of the company’s stock, valued at approximately $6,734,392. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 140,000 shares of company stock valued at $7,604,100. 0.53% of the stock is owned by company insiders.
MU has been the topic of a number of recent analyst reports. BidaskClub lowered Micron Technology from a “hold” rating to a “sell” rating in a report on Friday, August 17th. JPMorgan Chase & Co. lifted their price target on Micron Technology from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, June 21st. Rosenblatt Securities lifted their price target on Micron Technology to $120.00 in a report on Thursday, June 21st. ValuEngine lowered Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, Cowen lifted their price target on Micron Technology from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, June 21st. Nine research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $71.83.
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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