Van ECK Associates Corp boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.5% in the second quarter, HoldingsChannel.com reports. The firm owned 1,051,335 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,664 shares during the period. Van ECK Associates Corp’s holdings in Micron Technology were worth $55,132,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in MU. Massmutual Trust Co. FSB ADV raised its stake in Micron Technology by 5.0% during the first quarter. Massmutual Trust Co. FSB ADV now owns 19,634 shares of the semiconductor manufacturer’s stock worth $1,024,000 after acquiring an additional 931 shares in the last quarter. Alpha Cubed Investments LLC raised its stake in Micron Technology by 9.9% during the second quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock worth $551,000 after acquiring an additional 950 shares in the last quarter. Brasada Capital Management LP raised its stake in Micron Technology by 100.0% during the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after acquiring an additional 1,000 shares in the last quarter. Arete Wealth Advisors LLC raised its stake in Micron Technology by 5.0% during the first quarter. Arete Wealth Advisors LLC now owns 21,652 shares of the semiconductor manufacturer’s stock worth $1,129,000 after acquiring an additional 1,036 shares in the last quarter. Finally, Brighton Jones LLC raised its stake in Micron Technology by 18.7% during the second quarter. Brighton Jones LLC now owns 6,602 shares of the semiconductor manufacturer’s stock worth $346,000 after acquiring an additional 1,038 shares in the last quarter. 74.02% of the stock is owned by hedge funds and other institutional investors.
MU opened at $44.65 on Friday. The firm has a market capitalization of $57.46 billion, a P/E ratio of 10.12, a PEG ratio of 0.56 and a beta of 1.63. Micron Technology, Inc. has a 1 year low of $32.31 and a 1 year high of $64.66. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.13 by $0.02. The business had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The firm’s quarterly revenue was up 40.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 EPS. research analysts expect that Micron Technology, Inc. will post 11.56 EPS for the current fiscal year.
Micron Technology declared that its board has approved a share repurchase program on Monday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 16.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the business’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the transaction, the senior vice president now owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert E. Switz sold 75,000 shares of the business’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total value of $4,000,500.00. Following the transaction, the director now directly owns 120,257 shares of the company’s stock, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. Insiders sold a total of 140,000 shares of company stock valued at $7,604,100 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.
MU has been the topic of several research analyst reports. ValuEngine cut Micron Technology from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Barclays increased their target price on Micron Technology to $67.00 and gave the stock an “overweight” rating in a report on Thursday, June 21st. BidaskClub cut Micron Technology from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Evercore ISI raised their price target on Micron Technology from $80.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, June 18th. Finally, Stifel Nicolaus raised their price target on Micron Technology to $108.00 and gave the company a “buy” 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. Micron Technology presently has a consensus rating of “Buy” and a consensus target price of $72.08.
About Micron Technology
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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