AJO LP raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,712,980 shares of the semiconductor manufacturer’s stock after acquiring an additional 119,034 shares during the quarter. AJO LP owned approximately 0.15% of Micron Technology worth $70,797,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empirical Finance LLC acquired a new stake in shares of Micron Technology during the 1st quarter valued at about $1,159,000. R. G. Niederhoffer Capital Management Inc. acquired a new stake in shares of Micron Technology in the 1st quarter valued at approximately $331,000. Lido Advisors LLC raised its position in shares of Micron Technology by 54.2% in the 1st quarter. Lido Advisors LLC now owns 25,505 shares of the semiconductor manufacturer’s stock valued at $1,054,000 after acquiring an additional 8,962 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in shares of Micron Technology in the 1st quarter valued at approximately $740,000. Finally, Zions Bancorporation N.A. acquired a new stake in shares of Micron Technology in the 1st quarter valued at approximately $65,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ MU traded up $4.36 on Wednesday, reaching $37.04. The company had a trading volume of 95,248,718 shares, compared to its average volume of 29,827,260. The stock has a market capitalization of $36.73 billion, a PE ratio of 3.13 and a beta of 1.94. The business has a fifty day moving average price of $34.73. Micron Technology, Inc. has a 52-week low of $28.39 and a 52-week high of $58.15. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.10.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.70 billion. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The business’s revenue for the quarter was down 38.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.15 EPS. Sell-side analysts predict that Micron Technology, Inc. will post 5.99 earnings per share for the current fiscal year.
In other Micron Technology news, SVP Joel L. Poppen sold 20,210 shares of the company’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 completion of the transaction, the senior vice president now owns 269,368 shares in the company, valued at approximately $11,165,303.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.
Several analysts have commented on the stock. BidaskClub downgraded shares of Micron Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Summit Insights raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 21st. Royal Bank of Canada initiated coverage on shares of Micron Technology in a research note on Thursday, March 28th. They set an “outperform” rating and a $50.00 price target for the company. Citigroup cut shares of Micron Technology from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $35.00 to $30.00 in a research note on Thursday, March 21st. Finally, Mizuho decreased their price target on shares of Micron Technology from $47.00 to $44.00 and set a “buy” rating for the company in a research note on Monday. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $46.44.
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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