Covenant Multifamily Offices LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,800 shares of the semiconductor manufacturer’s stock, valued at approximately $74,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Osborn Williams & Donohoe LLC purchased a new stake in Micron Technology during the first quarter worth $63,000. Patriot Financial Group Insurance Agency LLC boosted its position in Micron Technology by 39.9% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 6,856 shares of the semiconductor manufacturer’s stock worth $283,000 after purchasing an additional 1,956 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in Micron Technology by 971.9% during the first quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 42,875 shares of the semiconductor manufacturer’s stock worth $1,686,000 after purchasing an additional 38,875 shares in the last quarter. Vanguard Capital Wealth Advisors purchased a new stake in Micron Technology during the first quarter worth $249,000. Finally, Hartford Investment Management Co. boosted its position in Micron Technology by 31.0% during the first quarter. Hartford Investment Management Co. now owns 210,211 shares of the semiconductor manufacturer’s stock worth $8,688,000 after purchasing an additional 49,690 shares in the last quarter. 77.56% of the stock is currently owned by institutional investors.
MU has been the subject of a number of analyst reports. Mizuho cut their price target on Micron Technology from $45.00 to $44.00 and set a “buy” rating for the company in a report on Friday, March 15th. Summit Redstone upgraded Micron Technology to a “buy” rating in a research note on Thursday, March 21st. MKM Partners upped their target price on Micron Technology to $50.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Summit Insights upgraded Micron Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 21st. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $75.00 target price on shares of Micron Technology in a research note on Tuesday, March 19th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $55.74.
MU traded down $0.91 during trading hours on Wednesday, hitting $34.73. The company’s stock had a trading volume of 19,965,759 shares, compared to its average volume of 30,288,969. Micron Technology, Inc. has a fifty-two week low of $28.39 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.25 and a quick ratio of 1.65. The stock has a market cap of $38.44 billion, a P/E ratio of 2.94 and a beta of 1.84.
Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 EPS for the quarter, beating the consensus estimate of $1.67 by $0.04. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The firm had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.82 billion. During the same period last year, the firm earned $2.82 EPS. The firm’s revenue was down 20.6% compared to the same quarter last year. Equities analysts anticipate that Micron Technology, Inc. will post 6.27 EPS for the current year.
In other news, SVP April S. Arnzen sold 21,182 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total transaction of $834,358.98. Following the completion of the sale, the senior vice president now directly owns 86,992 shares of the company’s stock, valued at approximately $3,426,614.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Joel L. Poppen sold 20,210 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $41.45, for a total value of $837,704.50. Following the sale, the senior vice president now directly owns 269,368 shares of the company’s stock, valued at $11,165,303.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,878 shares of company stock worth $2,293,223. 0.20% of the stock is owned by insiders.
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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