Pitcairn Co. Has $1.80 Million Stake in Micron Technology, Inc. (MU)

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Pitcairn Co. grew its position in Micron Technology, Inc. (NASDAQ:MU) by 18.7% in the third quarter, HoldingsChannel.com reports. The fund owned 39,730 shares of the semiconductor manufacturer’s stock after buying an additional 6,247 shares during the period. Pitcairn Co.’s holdings in Micron Technology were worth $1,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Alpha Cubed Investments LLC boosted its holdings in shares of Micron Technology by 9.9% during the 2nd quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock worth $551,000 after buying an additional 950 shares during the period. Brighton Jones LLC boosted its holdings in shares of Micron Technology by 18.7% during the 2nd quarter. Brighton Jones LLC now owns 6,602 shares of the semiconductor manufacturer’s stock worth $346,000 after buying an additional 1,038 shares during the period. Alethea Capital Management LLC bought a new stake in shares of Micron Technology during the 2nd quarter worth about $134,000. Fisher Asset Management LLC boosted its holdings in shares of Micron Technology by 18.8% during the 2nd quarter. Fisher Asset Management LLC now owns 6,932 shares of the semiconductor manufacturer’s stock worth $364,000 after buying an additional 1,096 shares during the period. Finally, BB&T Corp boosted its holdings in shares of Micron Technology by 5.2% during the 2nd quarter. BB&T Corp now owns 22,486 shares of the semiconductor manufacturer’s stock worth $1,179,000 after buying an additional 1,110 shares during the period. 75.53% of the stock is owned by institutional investors.

Several brokerages recently commented on MU. Macquarie set a $70.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a report on Friday, September 21st. Barclays reduced their target price on shares of Micron Technology to $60.00 and set an “overweight” rating for the company in a report on Friday, September 21st. Wells Fargo & Co dropped their price objective on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Needham & Company LLC dropped their price objective on shares of Micron Technology from $100.00 to $80.00 and set a “strong-buy” rating for the company in a research note on Monday, September 24th. Finally, Nomura dropped their price objective on shares of Micron Technology from $100.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $66.92.

Shares of NASDAQ:MU opened at $40.32 on Monday. The company has a market capitalization of $45.73 billion, a PE ratio of 3.41, a PEG ratio of 0.62 and a beta of 1.69. The company has a quick ratio of 2.16, a current ratio of 2.79 and a debt-to-equity ratio of 0.11. Micron Technology, Inc. has a 12 month low of $33.82 and a 12 month high of $64.66.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating the consensus estimate of $3.33 by $0.20. The company had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.25 billion. Micron Technology had a net margin of 46.51% and a return on equity of 51.68%. The business’s revenue for the quarter was up 37.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.02 EPS. As a group, research analysts expect that Micron Technology, Inc. will post 10.19 EPS for the current year.

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

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