Zimmer Partners LP Acquires New Position in Micron Technology, Inc. (NASDAQ:MU)

Zimmer Partners LP acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 187,500 shares of the semiconductor manufacturer’s stock, valued at approximately $16,539,000.

A number of other large investors have also recently made changes to their positions in the stock. Better Money Decisions LLC purchased a new position in Micron Technology in the first quarter valued at about $27,000. Vigilant Capital Management LLC purchased a new position in Micron Technology in the first quarter valued at about $28,000. JJJ Advisors Inc. increased its holdings in Micron Technology by 98.7% in the first quarter. JJJ Advisors Inc. now owns 314 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 156 shares in the last quarter. Larson Financial Group LLC increased its holdings in Micron Technology by 4,133.3% in the first quarter. Larson Financial Group LLC now owns 381 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 372 shares in the last quarter. Finally, Trustcore Financial Services LLC increased its stake in shares of Micron Technology by 780.0% during the 1st quarter. Trustcore Financial Services LLC now owns 396 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 80.26% of the company’s stock.

Micron Technology stock traded down $1.90 during midday trading on Thursday, hitting $75.29. 240,725 shares of the stock were exchanged, compared to its average volume of 20,258,200. Micron Technology, Inc. has a 1 year low of $42.25 and a 1 year high of $96.96. The stock has a market cap of $84.76 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 1.04 and a beta of 1.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.40. The company has a 50 day simple moving average of $80.25.

Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.71 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $7.26 billion. Micron Technology had a net margin of 16.20% and a return on equity of 12.60%. The company’s revenue was up 36.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 5.65 EPS for the current fiscal year.

A number of research analysts have recently weighed in on MU shares. BMO Capital Markets raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $90.00 to $110.00 in a research note on Wednesday, June 30th. Susquehanna Bancshares reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a research note on Thursday, July 1st. lifted their target price on shares of Micron Technology from $130.00 to $135.00 in a research note on Thursday, April 1st. Wedbush reaffirmed a “neutral” rating on shares of Micron Technology in a research note on Monday, June 28th. Finally, KeyCorp lifted their target price on shares of Micron Technology from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, July 1st. Five analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and a consensus price target of $114.61.

In related news, SVP Joel L. Poppen sold 4,984 shares of the business’s stock in a transaction dated Tuesday, May 11th. The shares were sold at an average price of $79.66, for a total transaction of $397,025.44. Following the completion of the sale, the senior vice president now owns 257,197 shares of the company’s stock, valued at approximately $20,488,313.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David Zinsner sold 8,050 shares of the business’s stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $77.16, for a total transaction of $621,138.00. Following the sale, the chief financial officer now directly owns 121,525 shares of the company’s stock, valued at approximately $9,376,869. The disclosure for this sale can be found here. Insiders sold a total of 183,172 shares of company stock valued at $14,669,609 in the last three months. Insiders own 0.18% of the company’s stock.

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

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