Seminole Management Co. Inc. trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 40.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 851,300 shares of the semiconductor manufacturer’s stock after selling 587,874 shares during the period. Micron Technology makes up approximately 6.4% of Seminole Management Co. Inc.’s investment portfolio, making the stock its 6th largest position. Seminole Management Co. Inc. owned about 0.07% of Micron Technology worth $35,005,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in MU. Veritable L.P. boosted its stake in shares of Micron Technology by 31.3% in the 2nd quarter. Veritable L.P. now owns 24,033 shares of the semiconductor manufacturer’s stock valued at $718,000 after purchasing an additional 5,733 shares in the last quarter. QS Investors LLC boosted its stake in shares of Micron Technology by 16.0% in the 2nd quarter. QS Investors LLC now owns 113,580 shares of the semiconductor manufacturer’s stock valued at $3,391,000 after purchasing an additional 15,638 shares in the last quarter. UBS Oconnor LLC acquired a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $1,493,000. Institute for Wealth Management LLC. acquired a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $313,000. Finally, Zurich Insurance Group Ltd FI boosted its stake in shares of Micron Technology by 13.0% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 157,582 shares of the semiconductor manufacturer’s stock valued at $4,705,000 after purchasing an additional 18,129 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.
In other news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $42.40, for a total value of $2,583,050.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction on Friday, December 1st. The shares were sold at an average price of $41.38, for a total transaction of $124,140.00. Following the completion of the sale, the director now owns 116,699 shares of the company’s stock, valued at approximately $4,829,004.62. The disclosure for this sale can be found here. Insiders sold a total of 173,470 shares of company stock valued at $7,420,480 in the last quarter. 0.53% of the stock is currently owned by company insiders.
Micron Technology, Inc. (MU) opened at $42.19 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33. Micron Technology, Inc. has a fifty-two week low of $22.64 and a fifty-two week high of $49.89. The stock has a market cap of $48,780.00, a P/E ratio of 6.64, a price-to-earnings-growth ratio of 0.40 and a beta of 1.62.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.60. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The firm had revenue of $6.80 billion during the quarter, compared to analyst estimates of $6.43 billion. During the same quarter last year, the business earned $0.32 EPS. The company’s revenue was up 71.4% compared to the same quarter last year. sell-side analysts forecast that Micron Technology, Inc. will post 10.12 earnings per share for the current year.
MU has been the topic of a number of research analyst reports. Robert W. Baird restated an “outperform” rating and issued a $60.00 price target (up from $52.00) on shares of Micron Technology in a research note on Tuesday, November 28th. BidaskClub downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Vetr upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $47.30 price objective for the company in a report on Wednesday, November 15th. JPMorgan Chase & Co. raised their price objective on shares of Micron Technology to $60.00 and gave the company an “overweight” rating in a report on Wednesday, December 20th. Finally, Zacks Investment Research lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Friday, December 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $55.80.
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About Micron Technology
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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