Parnassus Investments CA Raises Stake in Micron Technology, Inc. (MU)
Parnassus Investments CA increased its position in Micron Technology, Inc. (NASDAQ:MU) by 40.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 4,900,000 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,400,000 shares during the quarter. Parnassus Investments CA’s holdings in Micron Technology were worth $256,956,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Clearwater Capital Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter worth approximately $104,000. Brasada Capital Management LP lifted its position in shares of Micron Technology by 100.0% during the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after buying an additional 1,000 shares in the last quarter. Avestar Capital LLC lifted its position in shares of Micron Technology by 7,994.3% during the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after buying an additional 2,798 shares in the last quarter. America First Investment Advisors LLC bought a new position in shares of Micron Technology during the 2nd quarter worth approximately $131,000. Finally, Alethea Capital Management LLC bought a new position in shares of Micron Technology during the 2nd quarter worth approximately $134,000. Institutional investors and hedge funds own 77.74% of the company’s stock.
MU has been the topic of several recent analyst reports. ValuEngine cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Barclays lifted their target price on shares of Micron Technology to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, June 21st. BidaskClub cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Evercore ISI lifted their target price on shares of Micron Technology from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. Finally, Stifel Nicolaus lifted their target price on shares of Micron Technology to $108.00 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 issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $72.05.
Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating 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 business had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.76 billion. During the same quarter in the previous year, the firm posted $1.62 EPS. The business’s revenue for the quarter was up 40.1% compared to the same quarter last year. sell-side analysts expect that Micron Technology, Inc. will post 11.57 EPS for the current fiscal year.
Micron Technology declared that its board has approved a share repurchase plan on Monday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 16.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Micron Technology news, 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 approximately $7,971,898. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the senior vice president now directly owns 126,990 shares in the company, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. Insiders have sold a total of 164,795 shares of company stock worth $9,141,390 in the last three months. 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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