Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 24,100 shares of the semiconductor manufacturer’s stock, valued at approximately $1,257,000.
Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Micron Technology by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 12,907,706 shares of the semiconductor manufacturer’s stock valued at $529,730,000 after acquiring an additional 835,541 shares in the last quarter. Gideon Capital Advisors Inc. raised its position in shares of Micron Technology by 209.9% during the 1st quarter. Gideon Capital Advisors Inc. now owns 62,336 shares of the semiconductor manufacturer’s stock valued at $3,250,000 after acquiring an additional 42,223 shares in the last quarter. Carillon Tower Advisers Inc. acquired a new stake in Micron Technology in the fourth quarter worth $36,676,000. Guggenheim Capital LLC increased its position in Micron Technology by 21.2% in the fourth quarter. Guggenheim Capital LLC now owns 2,279,294 shares of the semiconductor manufacturer’s stock worth $93,725,000 after buying an additional 398,851 shares during the period. Finally, Rhumbline Advisers increased its position in Micron Technology by 0.5% in the first quarter. Rhumbline Advisers now owns 1,947,554 shares of the semiconductor manufacturer’s stock worth $101,545,000 after buying an additional 10,158 shares during the period. 78.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of Micron Technology opened at $53.16 on Tuesday, MarketBeat.com reports. Micron Technology, Inc. has a fifty-two week low of $26.85 and a fifty-two week high of $64.66. The stock has a market cap of $66.22 billion, a P/E ratio of 12.05, a PEG ratio of 0.61 and a beta of 1.37. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20.
Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The business had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. During the same quarter last year, the business posted $1.62 earnings per share. The company’s quarterly revenue was up 40.1% on a year-over-year basis. sell-side analysts predict that Micron Technology, Inc. will post 11.48 EPS for the current fiscal year.
Micron Technology declared that its board has authorized a share buyback plan on Monday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Patrick J. Byrne sold 14,360 shares of the firm’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $46.31, for a total transaction of $665,011.60. Following the completion of the transaction, the director now owns 100,299 shares of the company’s stock, valued at $4,644,846.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mercedes Johnson sold 25,000 shares of the firm’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $50.50, for a total value of $1,262,500.00. The disclosure for this sale can be found here. Insiders have sold 64,155 shares of company stock valued at $3,464,802 in the last ninety days. Company insiders own 0.53% of the company’s stock.
Several equities research analysts have weighed in on the company. MKM Partners increased their target price on Micron Technology to $77.00 and gave the stock a “buy” rating in a research report on Thursday, June 21st. JPMorgan Chase & Co. increased their target price on Micron Technology from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, June 21st. Evercore ISI increased their target price on Micron Technology from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. Cowen increased their target price on Micron Technology from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, June 21st. Finally, Barclays increased their target price on Micron Technology to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, June 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average target price of $70.40.
Micron Technology Profile
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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