Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 152,193 shares of the semiconductor manufacturer’s stock after acquiring an additional 6,062 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Micron Technology were worth $6,290,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of MU. Executive Wealth Management LLC purchased a new position in Micron Technology in the 4th quarter worth $26,000. JNBA Financial Advisors purchased a new position in Micron Technology in the 4th quarter worth $28,000. Lavaca Capital LLC purchased a new position in Micron Technology in the 4th quarter worth $29,000. Athena Capital Advisors LLC purchased a new position in Micron Technology in the 4th quarter worth $29,000. Finally, Valeo Financial Advisors LLC raised its position in Micron Technology by 73.3% in the 1st quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 300 shares during the period. 77.56% of the stock is owned by institutional investors.
MU has been the topic of a number of analyst reports. BidaskClub upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. Citigroup cut shares of Micron Technology from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $35.00 to $30.00 in a research report on Thursday, March 21st. ValuEngine upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Royal Bank of Canada initiated coverage on shares of Micron Technology in a research report on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price objective on the stock. Finally, Deutsche Bank decreased their price objective on shares of Micron Technology from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $55.74.
In other news, SVP Joel L. Poppen sold 20,210 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $41.45, for a total value of $837,704.50. Following the transaction, the senior vice president now owns 269,368 shares in the company, valued at $11,165,303.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP April S. Arnzen sold 21,182 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 86,992 shares in the company, valued at approximately $3,426,614.88. The disclosure for this sale can be found here. Insiders have sold 55,878 shares of company stock worth $2,293,223 in the last three months. 0.20% of the stock is currently owned by insiders.
Shares of MU traded down $0.91 during trading hours on Wednesday, reaching $34.73. 19,965,759 shares of the company traded hands, compared to its average volume of 30,288,969. Micron Technology, Inc. has a 12 month low of $28.39 and a 12 month high of $64.66. The company has a current ratio of 2.25, a quick ratio of 1.65 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of 2.94 and a beta of 1.84.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 EPS for the quarter, topping the consensus estimate of $1.67 by $0.04. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. The business had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the previous year, the firm posted $2.82 earnings per share. Micron Technology’s quarterly revenue was down 20.6% on a year-over-year basis. On average, research analysts forecast that Micron Technology, Inc. will post 6.27 EPS for the current fiscal year.
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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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