Engineers Gate Manager LP lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 83.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,800 shares of the semiconductor manufacturer’s stock after selling 42,944 shares during the period. Engineers Gate Manager LP’s holdings in Micron Technology were worth $398,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MU. Senator Investment Group LP purchased a new stake in shares of Micron Technology during the 2nd quarter worth approximately $140,277,000. Point72 Asset Management L.P. grew its stake in Micron Technology by 632.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock valued at $106,328,000 after buying an additional 1,750,604 shares in the last quarter. Natixis grew its stake in Micron Technology by 345.7% in the 2nd quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock valued at $106,388,000 after buying an additional 1,573,549 shares in the last quarter. Parnassus Investments CA grew its stake in Micron Technology by 40.0% in the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after buying an additional 1,400,000 shares in the last quarter. Finally, Global Thematic Partners LLC grew its stake in Micron Technology by 178.5% in the 2nd quarter. Global Thematic Partners LLC now owns 1,273,854 shares of the semiconductor manufacturer’s stock valued at $66,802,000 after buying an additional 816,374 shares in the last quarter. Institutional investors own 75.58% of the company’s stock.

Shares of NASDAQ:MU opened at $39.91 on Friday. The firm has a market capitalization of $42.47 billion, a P/E ratio of 3.38, a price-to-earnings-growth ratio of 0.58 and a beta of 1.69. Micron Technology, Inc. has a 52 week low of $33.82 and a 52 week high of $64.66. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.16 and a current ratio of 2.79.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $8.25 billion. During the same quarter in the previous year, the company earned $2.02 earnings per share. The company’s revenue for the quarter was up 37.5% compared to the same quarter last year. As a group, equities analysts forecast that Micron Technology, Inc. will post 10.19 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on MU shares. MKM Partners reiterated a “buy” rating and issued a $63.00 price objective (down from $77.00) on shares of Micron Technology in a research note on Thursday, September 13th. Deutsche Bank reiterated a “buy” rating and issued a $80.00 price objective on shares of Micron Technology in a research note on Thursday, September 6th. They noted that the move was a valuation call. Cowen reduced their price objective on shares of Micron Technology from $72.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, September 18th. Stifel Nicolaus reduced their price objective on shares of Micron Technology from $108.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Finally, Nomura reduced their price objective on shares of Micron Technology from $100.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $66.92.

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Micron Technology 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.

Further Reading: Cost of Equity For A Business, Investors

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

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