Micron Technology, Inc. (MU) Position Increased by Icon Advisers Inc. Co.
Icon Advisers Inc. Co. increased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 15.3% during the 2nd quarter, Holdings Channel reports. The firm owned 140,540 shares of the semiconductor manufacturer’s stock after buying an additional 18,600 shares during the period. Icon Advisers Inc. Co.’s holdings in Micron Technology were worth $7,370,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of MU. Clearwater Capital Advisors LLC bought a new stake in Micron Technology during the 1st quarter valued at approximately $104,000. Brasada Capital Management LP boosted its position in Micron Technology by 100.0% during 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 in the last quarter. Avestar Capital LLC boosted its position in Micron Technology by 7,994.3% during the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock valued at $129,000 after acquiring an additional 2,798 shares in the last quarter. America First Investment Advisors LLC bought a new stake in Micron Technology during the 2nd quarter valued at approximately $131,000. Finally, Alethea Capital Management LLC bought a new stake in Micron Technology during the 2nd quarter valued at approximately $134,000. 77.94% of the stock is currently owned by institutional investors.
A number of analysts have recently commented on MU shares. Benchmark started coverage on Micron Technology in a research report on Friday, June 22nd. They issued a “buy” rating and a $80.00 price target on the stock. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Thursday, May 24th. ValuEngine raised Micron Technology from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 12th. UBS Group raised Micron Technology from a “sell” rating to a “neutral” rating and set a $35.00 price target on the stock in a research report on Tuesday, June 26th. Finally, Credit Suisse Group set a $90.00 price target on Micron Technology and gave the stock a “buy” rating in a research report on Thursday, June 21st. Eight analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $72.05.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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. The company had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.76 billion. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The firm’s revenue for the quarter was up 40.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. sell-side analysts expect that Micron Technology, Inc. will post 11.57 earnings per share for the current fiscal year.
Micron Technology announced that its Board of Directors has authorized a share repurchase plan on Monday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 16.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
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 transaction of $2,203,600.00. Following the completion of the sale, the senior vice president now directly owns 126,990 shares in the company, valued at approximately $6,995,879.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott J. Deboer sold 24,795 shares of the business’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $62.00, for a total transaction of $1,537,290.00. Following the sale, the executive vice president now owns 128,579 shares of the company’s stock, valued at $7,971,898. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 164,795 shares of company stock valued at $9,141,390. Company insiders own 0.53% of the company’s stock.
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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