The Manufacturers Life Insurance Company lowered its stake in Micron Technology, Inc. (NASDAQ:MU) by 8.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,413,041 shares of the semiconductor manufacturer’s stock after selling 127,433 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Micron Technology were worth $58,104,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Greenlight Capital Inc. lifted its holdings in Micron Technology by 89.5% in the 3rd quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock valued at $197,511,000 after acquiring an additional 2,371,900 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Micron Technology in the 4th quarter valued at about $61,747,000. Amundi Pioneer Asset Management Inc. lifted its holdings in Micron Technology by 53.3% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 3,969,870 shares of the semiconductor manufacturer’s stock valued at $156,135,000 after acquiring an additional 1,379,561 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Micron Technology by 174.8% in the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,126,215 shares of the semiconductor manufacturer’s stock valued at $87,430,000 after acquiring an additional 1,352,435 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Micron Technology in the 3rd quarter valued at about $49,695,000. 80.66% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the company’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.38, for a total value of $124,140.00. Following the completion of the transaction, the director now owns 116,699 shares in the company, valued at approximately $4,829,004.62. The disclosure for this sale can be found here. Insiders sold a total of 174,692 shares of company stock worth $7,473,967 in the last quarter. 0.53% of the stock is owned by corporate insiders.
A number of equities research analysts have weighed in on the stock. Goldman Sachs Group set a $55.00 price target on shares of Micron Technology and gave the company a “buy” rating in a report on Thursday, January 11th. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price target (up from $65.00) on shares of Micron Technology in a report on Wednesday, December 20th. They noted that the move was a valuation call. Cowen upped their price target on shares of Micron Technology from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. Vetr raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 price target for the company in a report on Tuesday, November 21st. Finally, Citigroup restated a “buy” rating on shares of Micron Technology in a report on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $55.80.
Micron Technology, Inc. (MU) opened at $44.21 on Friday. The firm has a market capitalization of $51,120.68, a PE ratio of 6.96, a PEG ratio of 0.44 and a beta of 1.62. Micron Technology, Inc. has a twelve month low of $22.64 and a twelve month high of $49.89. The company has a quick ratio of 1.83, a current ratio of 2.39 and a debt-to-equity ratio of 0.33.
Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.60. The company had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm’s quarterly revenue was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. sell-side analysts forecast that Micron Technology, Inc. will post 10.12 earnings per share for the current fiscal year.
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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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