Raymond James & Associates increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 19.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 858,974 shares of the semiconductor manufacturer’s stock after acquiring an additional 139,480 shares during the period. Raymond James & Associates owned about 0.07% of Micron Technology worth $45,045,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV grew its holdings in Micron Technology by 5.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 19,634 shares of the semiconductor manufacturer’s stock valued at $1,024,000 after purchasing an additional 931 shares during the period. Alpha Cubed Investments LLC grew its holdings in Micron Technology by 9.9% in the second quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock valued at $551,000 after purchasing an additional 950 shares during the period. Brasada Capital Management LP grew its holdings in Micron Technology by 100.0% in the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares during the period. Arete Wealth Advisors LLC grew its holdings in Micron Technology by 5.0% in the first quarter. Arete Wealth Advisors LLC now owns 21,652 shares of the semiconductor manufacturer’s stock valued at $1,129,000 after purchasing an additional 1,036 shares during the period. Finally, Brighton Jones LLC boosted its stake in shares of Micron Technology by 18.7% in 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 during the last quarter. 74.02% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Robert E. Switz sold 25,000 shares of Micron Technology stock in a transaction that occurred on Friday, July 13th. The stock was sold at an average price of $56.00, for a total transaction of $1,400,000.00. Following the transaction, the director now owns 120,257 shares in the company, valued at $6,734,392. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert E. Switz sold 75,000 shares of Micron Technology stock in a transaction that occurred 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 owns 120,257 shares in the company, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,000 shares of company stock worth $7,604,100. 0.53% of the stock is currently owned by company insiders.
Shares of Micron Technology stock opened at $44.86 on Friday. Micron Technology, Inc. has a one year low of $32.31 and a one year high of $64.66. The company has a market cap of $52.03 billion, a P/E ratio of 4.35, a P/E/G ratio of 0.50 and a beta of 1.63. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same quarter last year, the business posted $1.62 earnings per share. The firm’s revenue was up 40.1% compared to the same quarter last year. research analysts predict that Micron Technology, Inc. will post 11.56 earnings per share for the current year.
Micron Technology announced that its board has approved a share buyback plan on Monday, May 21st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
MU has been the topic of a number of research analyst reports. Royal Bank of Canada initiated coverage on Micron Technology in a research note on Wednesday, May 16th. They issued an “outperform” rating and a $80.00 price target on the stock. BidaskClub raised Micron Technology from a “hold” rating to a “buy” rating in a research note on Friday, May 18th. Cowen lifted their price target on Micron Technology from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 22nd. Barclays lifted their price target on Micron Technology to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 22nd. Finally, KeyCorp lifted their price target on Micron Technology from $72.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 22nd. Nine research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. Micron Technology has an average rating of “Buy” and a consensus price target of $71.30.
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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