Private Asset Management Inc. lowered its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,362 shares of the semiconductor manufacturer’s stock after selling 1,788 shares during the period. Micron Technology makes up approximately 2.0% of Private Asset Management Inc.’s portfolio, making the stock its 15th largest position. Private Asset Management Inc.’s holdings in Micron Technology were worth $11,977,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in MU. Geode Capital Management LLC boosted its holdings in Micron Technology by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock worth $463,429,000 after purchasing an additional 229,817 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Micron Technology by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,570,069 shares of the semiconductor manufacturer’s stock worth $430,599,000 after purchasing an additional 115,976 shares during the last quarter. Northern Trust Corp boosted its holdings in Micron Technology by 0.7% in the first quarter. Northern Trust Corp now owns 12,369,000 shares of the semiconductor manufacturer’s stock worth $511,211,000 after purchasing an additional 92,028 shares during the last quarter. Norges Bank purchased a new stake in Micron Technology in the fourth quarter worth approximately $365,896,000. Finally, Sanders Capital LLC boosted its holdings in Micron Technology by 8.3% in the first quarter. Sanders Capital LLC now owns 4,843,402 shares of the semiconductor manufacturer’s stock worth $225,517,000 after purchasing an additional 372,700 shares during the last quarter. 77.21% of the stock is owned by institutional investors.
Shares of MU traded down $0.24 during trading hours on Tuesday, reaching $46.95. 28,541,086 shares of the stock traded hands, compared to its average volume of 30,464,592. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.88 and a current ratio of 2.79. Micron Technology, Inc. has a 52-week low of $28.39 and a 52-week high of $55.40. The company’s 50-day simple moving average is $38.27. The company has a market capitalization of $50.25 billion, a P/E ratio of 3.97 and a beta of 1.97.
Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The company had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the company earned $3.15 EPS. Micron Technology’s revenue for the quarter was down 38.6% on a year-over-year basis. Equities research analysts expect that Micron Technology, Inc. will post 6.06 earnings per share for the current fiscal year.
Several equities research analysts recently issued reports on MU shares. KeyCorp restated an “overweight” rating and issued a $136.00 target price (up previously from $127.00) on shares of Coupa Software in a report on Wednesday, June 26th. JPMorgan Chase & Co. set a $44.00 target price on shares of Charles Schwab and gave the stock a “buy” rating in a report on Friday, June 21st. Piper Jaffray Companies set a $52.00 target price on shares of Core Laboratories and gave the stock a “hold” rating in a report on Wednesday, June 26th. Robert W. Baird dropped their target price on shares of Micron Technology from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Friday, June 21st. Finally, BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $47.23.
In other Micron Technology news, SVP Michael W. Bokan sold 20,488 shares of Micron Technology stock in a transaction on Friday, July 19th. The shares were sold at an average price of $45.71, for a total value of $936,506.48. Following the sale, the senior vice president now directly owns 43,117 shares in the company, valued at approximately $1,970,878.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $900,000.00. Following the completion of the sale, the executive vice president now owns 130,236 shares in the company, valued at $5,860,620. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,288 shares of company stock worth $2,052,506. 0.20% of the stock is owned by corporate insiders.
Micron Technology 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.
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