Beach Point Capital Management LP lessened its stake in Micron Technology, Inc. (NASDAQ:MU) by 45.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 200,300 shares of the semiconductor manufacturer’s stock after selling 167,000 shares during the period. Micron Technology comprises approximately 2.0% of Beach Point Capital Management LP’s portfolio, making the stock its 16th largest position. Beach Point Capital Management LP’s holdings in Micron Technology were worth $9,060,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Alpha Cubed Investments LLC increased 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 purchasing an additional 950 shares during the last quarter. Brighton Jones LLC boosted its position in Micron Technology by 18.7% in the 2nd quarter. Brighton Jones LLC now owns 6,602 shares of the semiconductor manufacturer’s stock valued at $346,000 after buying an additional 1,038 shares during the period. Alethea Capital Management LLC purchased a new position in Micron Technology in the 2nd quarter valued at approximately $134,000. Fisher Asset Management LLC boosted its position in Micron Technology by 18.8% in the 2nd quarter. Fisher Asset Management LLC now owns 6,932 shares of the semiconductor manufacturer’s stock valued at $364,000 after buying an additional 1,096 shares during the period. Finally, BB&T Corp boosted its position in Micron Technology by 5.2% in the 2nd quarter. BB&T Corp now owns 22,486 shares of the semiconductor manufacturer’s stock valued at $1,179,000 after buying an additional 1,110 shares during the period. Hedge funds and other institutional investors own 75.58% of the company’s stock.

Shares of NASDAQ:MU opened at $37.85 on Wednesday. Micron Technology, Inc. has a 12 month low of $33.82 and a 12 month high of $64.66. The company has a current ratio of 2.79, a quick ratio of 2.16 and a debt-to-equity ratio of 0.11. The firm has a market cap of $44.36 billion, a P/E ratio of 3.20, a P/E/G ratio of 0.60 and a beta of 1.69.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.33 by $0.20. Micron Technology had a net margin of 46.51% and a return on equity of 51.68%. The firm had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.25 billion. During the same period last year, the business earned $2.02 EPS. Micron Technology’s revenue for the quarter was up 37.5% compared to the same quarter last year. Equities analysts expect that Micron Technology, Inc. will post 10.19 EPS for the current fiscal year.

Several equities analysts have commented on MU shares. Goldman Sachs Group set a $68.00 price target on shares of Micron Technology and gave the company a “buy” rating in a research report on Wednesday, July 18th. BidaskClub cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Wells Fargo & Co decreased their price target on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, August 21st. Finally, Deutsche Bank reissued a “buy” rating and issued a $80.00 price target on shares of Micron Technology in a research report on Thursday, September 6th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $66.92.

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Micron Technology Company Profile

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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

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