Chicago Equity Partners LLC bought a new position in Micron Technology (NASDAQ:MU) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 34,800 shares of the semiconductor manufacturer’s stock, valued at approximately $1,814,000.
A number of other hedge funds also recently modified their holdings of MU. Fulton Bank N.A. bought a new position in shares of Micron Technology during the first quarter valued at approximately $224,000. SevenBridge Financial Group LLC boosted its stake in shares of Micron Technology by 71.6% during the fourth quarter. SevenBridge Financial Group LLC now owns 4,375 shares of the semiconductor manufacturer’s stock valued at $180,000 after purchasing an additional 1,825 shares in the last quarter. Princeton Capital Management LLC bought a new position in shares of Micron Technology during the first quarter valued at approximately $251,000. Girard Partners LTD. bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $207,000. Finally, Lourd Capital LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $211,000. Institutional investors and hedge funds own 81.72% of the company’s stock.
MU has been the subject of several recent analyst reports. BidaskClub upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Friday. Goldman Sachs set a $55.00 target price on shares of Micron Technology and gave the company a “buy” rating in a research note on Wednesday, February 7th. Stifel Nicolaus restated a “buy” rating on shares of Micron Technology in a research note on Friday, March 23rd. Mizuho restated a “buy” rating and issued a $70.00 target price (up from $66.00) on shares of Micron Technology in a research note on Friday, March 23rd. Finally, Morgan Stanley lowered their target price on shares of Micron Technology from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $64.18.
Shares of Micron Technology stock opened at $54.70 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.58 and a quick ratio of 2.06. Micron Technology has a 1 year low of $54.75 and a 1 year high of $56.39. The firm has a market cap of $62.64 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 0.49 and a beta of 1.36.
Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The firm had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter last year, the company posted $0.90 earnings per share. The firm’s revenue was up 58.2% compared to the same quarter last year. equities analysts anticipate that Micron Technology will post 10.92 earnings per share for the current fiscal year.
In related news, Director Patrick J. Byrne sold 14,360 shares of the firm’s stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total transaction of $665,011.60. Following the sale, the director now owns 100,299 shares in the company, valued at $4,644,846.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP April S. Arnzen sold 532 shares of the firm’s stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $59.80, for a total transaction of $31,813.60. Following the sale, the senior vice president now owns 57,437 shares in the company, valued at approximately $3,434,732.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,587 shares of company stock valued at $2,871,752. 0.53% of the stock is currently owned by corporate insiders.
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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