Covington Capital Management Boosts Stake in Micron Technology, Inc. (NASDAQ:MU)

Covington Capital Management raised its position in Micron Technology, Inc. (NASDAQ:MU) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,220 shares of the semiconductor manufacturer’s stock after purchasing an additional 708 shares during the quarter. Covington Capital Management’s holdings in Micron Technology were worth $980,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MU. Stonebridge Financial Planning Group LLC purchased a new position in shares of Micron Technology during the fourth quarter worth approximately $34,000. Islay Capital Management LLC purchased a new position in shares of Micron Technology during the fourth quarter worth approximately $35,000. Princeton Global Asset Management LLC increased its position in shares of Micron Technology by 408.5% during the fourth quarter. Princeton Global Asset Management LLC now owns 661 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 531 shares during the period. AlphaMark Advisors LLC increased its position in shares of Micron Technology by 75.0% during the fourth quarter. AlphaMark Advisors LLC now owns 700 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 300 shares during the period. Finally, TCI Wealth Advisors Inc. increased its position in shares of Micron Technology by 317.5% during the fourth quarter. TCI Wealth Advisors Inc. now owns 739 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 562 shares during the period. 79.22% of the stock is currently owned by institutional investors.

In other news, SVP Joel L. Poppen sold 20,000 shares of Micron Technology stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the completion of the sale, the senior vice president now directly owns 301,395 shares in the company, valued at $17,170,473.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP April S. Arnzen sold 4,400 shares of Micron Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $54.75, for a total transaction of $240,900.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,800 shares of company stock valued at $1,644,300. 0.18% of the stock is owned by insiders.

Shares of MU opened at $42.50 on Thursday. The company has a market cap of $47.95 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.99 and a beta of 1.78. Micron Technology, Inc. has a twelve month low of $31.13 and a twelve month high of $61.19. The company has a quick ratio of 1.78, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $50.64 and a two-hundred day moving average of $50.13.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.69 billion. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. Micron Technology’s revenue was down 17.7% compared to the same quarter last year. During the same period last year, the firm earned $1.71 earnings per share. On average, sell-side analysts expect that Micron Technology, Inc. will post 2.12 EPS for the current year.

A number of equities analysts have recently commented on MU shares. Raymond James raised shares of Micron Technology from a “market perform” rating to a “strong-buy” rating and set a $70.00 target price on the stock in a research report on Thursday, February 6th. Wells Fargo & Co reduced their target price on shares of Micron Technology from $70.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 20th. Zacks Investment Research lowered shares of Micron Technology from a “hold” rating to a “sell” rating and set a $54.00 target price on the stock. in a research report on Monday, December 16th. Needham & Company LLC cut their price objective on shares of Micron Technology from $70.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Cleveland Research raised shares of Micron Technology from a “neutral” rating to a “buy” rating in a report on Tuesday, January 14th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $62.33.

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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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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