Wedbush Securities Inc. decreased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.7% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,760 shares of the semiconductor manufacturer’s stock after selling 1,119 shares during the quarter. Wedbush Securities Inc.’s holdings in Micron Technology were worth $1,173,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. IBM Retirement Fund increased its holdings in Micron Technology by 53.2% in the 1st quarter. IBM Retirement Fund now owns 28,367 shares of the semiconductor manufacturer’s stock valued at $1,193,000 after acquiring an additional 9,846 shares during the last quarter. Old Port Advisors bought a new stake in Micron Technology in the 2nd quarter valued at $245,000. Cambridge Investment Research Advisors Inc. increased its holdings in Micron Technology by 19.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 119,939 shares of the semiconductor manufacturer’s stock valued at $5,045,000 after acquiring an additional 19,534 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Micron Technology by 24.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 523,253 shares of the semiconductor manufacturer’s stock valued at $26,958,000 after acquiring an additional 103,901 shares during the last quarter. Finally, F&V Capital Management LLC bought a new stake in Micron Technology in the 2nd quarter valued at $3,478,000. Institutional investors own 80.63% of the company’s stock.
A number of analysts have recently weighed in on MU shares. Susquehanna Bancshares restated a “buy” rating and issued a $85.00 target price on shares of Micron Technology in a report on Friday, June 26th. BMO Capital Markets downgraded shares of Micron Technology from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $60.00 to $55.00 in a report on Tuesday, June 23rd. Cleveland Research downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating in a report on Thursday, May 28th. Evercore ISI restated a “buy” rating and issued a $75.00 target price on shares of Micron Technology in a report on Thursday, May 28th. Finally, Credit Suisse Group restated a “buy” rating on shares of Micron Technology in a report on Friday, June 26th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.42.
In other Micron Technology news, EVP Scott J. Deboer sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $51.79, for a total transaction of $517,900.00. Following the transaction, the executive vice president now owns 128,368 shares in the company, valued at approximately $6,648,178.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $45.00, for a total transaction of $114,390.00. Following the transaction, the senior vice president now owns 73,054 shares in the company, valued at approximately $3,287,430. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.
Shares of MU opened at $50.51 on Friday. The company has a 50 day moving average price of $49.95 and a 200-day moving average price of $49.81. Micron Technology, Inc. has a fifty-two week low of $31.13 and a fifty-two week high of $61.19. The stock has a market capitalization of $56.12 billion, a PE ratio of 24.52, a PEG ratio of 1.99 and a beta of 1.53. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.02 and a current ratio of 2.89.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, topping the consensus estimate of $0.71 by $0.11. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.05 billion. Micron Technology had a net margin of 11.16% and a return on equity of 6.31%. Micron Technology’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 EPS. Equities research analysts forecast that Micron Technology, Inc. will post 2.47 EPS for the current year.
Micron Technology Company 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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