Adviser Investments LLC Raises Position in Micron Technology, Inc. (MU)
Adviser Investments LLC increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 68.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,970 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,249 shares during the period. Adviser Investments LLC’s holdings in Micron Technology were worth $418,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV raised its holdings in Micron Technology by 5.0% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 19,634 shares of the semiconductor manufacturer’s stock valued at $1,024,000 after acquiring an additional 931 shares during the last quarter. Alpha Cubed Investments LLC raised its holdings in Micron Technology by 9.9% in the 2nd quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock valued at $551,000 after acquiring an additional 950 shares during the last quarter. Brasada Capital Management LP raised its holdings in Micron Technology by 100.0% in the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after acquiring an additional 1,000 shares during the last quarter. Arete Wealth Advisors LLC raised its holdings in Micron Technology by 5.0% in the 1st quarter. Arete Wealth Advisors LLC now owns 21,652 shares of the semiconductor manufacturer’s stock valued at $1,129,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Alethea Capital Management LLC acquired a new position in Micron Technology in the 2nd quarter valued at $134,000. Hedge funds and other institutional investors own 77.94% of the company’s stock.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the business’s stock in a transaction on Friday, July 20th. The shares were sold at an average price of $55.09, for a total value of $2,203,600.00. Following the transaction, the senior vice president now owns 126,990 shares in the company, valued at approximately $6,995,879.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert E. Switz sold 75,000 shares of the business’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the completion of the transaction, the director now owns 120,257 shares in the company, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 164,795 shares of company stock valued at $9,141,390. 0.53% of the stock is owned by corporate insiders.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share for the quarter, topping analysts’ consensus estimates of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The firm had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. During the same period in the prior year, the company earned $1.62 EPS. The firm’s revenue was up 40.1% on a year-over-year basis. sell-side analysts expect that Micron Technology, Inc. will post 11.57 earnings per share for the current year.
Micron Technology declared that its Board of Directors has approved a share repurchase program on Monday, May 21st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 16.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several research analysts have weighed in on the company. Goldman Sachs Group set a $68.00 price target on Micron Technology and gave the company a “buy” rating in a report on Wednesday, July 18th. ValuEngine downgraded Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Deutsche Bank boosted their price target on Micron Technology from $68.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Stifel Nicolaus set a $108.00 price target on Micron Technology and gave the company a “buy” rating in a report on Thursday, July 5th. Finally, Credit Suisse Group boosted their price objective on shares of Micron Technology from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, May 22nd. Eight investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Micron Technology has an average rating of “Buy” and a consensus target price of $72.05.
About Micron Technology
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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