Empire Life Investments Inc. raised its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 16.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 698,384 shares of the semiconductor manufacturer’s stock after buying an additional 96,547 shares during the quarter. Micron Technology comprises 2.2% of Empire Life Investments Inc.’s portfolio, making the stock its 11th largest position. Empire Life Investments Inc. owned approximately 0.06% of Micron Technology worth $28,718,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MU. SevenBridge Financial Group LLC grew its holdings in Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock worth $100,000 after buying an additional 1,190 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock worth $115,000 after buying an additional 1,252 shares in the last quarter. Sowell Financial Services LLC bought a new position in Micron Technology in the 3rd quarter worth approximately $204,000. Girard Partners LTD. bought a new position in Micron Technology in the 4th quarter worth approximately $207,000. Finally, Lourd Capital LLC bought a new position in Micron Technology in the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors own 82.51% of the company’s stock.
MU has been the subject of a number of research reports. Cowen set a $53.00 price target on Micron Technology and gave the company a “buy” rating in a research note on Wednesday, February 21st. BidaskClub lowered Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Robert W. Baird reaffirmed an “outperform” rating and set a $60.00 price target (up from $52.00) on shares of Micron Technology in a research note on Tuesday, November 28th. Vetr raised Micron Technology from a “hold” rating to a “buy” rating and set a $47.30 price objective for the company in a research note on Wednesday, November 15th. Finally, JPMorgan Chase & Co. raised their price objective on Micron Technology to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned 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 price target of $56.50.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.60. The company had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm’s revenue was up 71.4% compared to the same quarter last year. During the same period last year, the business posted $0.32 earnings per share. equities research analysts anticipate that Micron Technology, Inc. will post 10.29 EPS for the current year.
In other Micron Technology news, SVP April S. Arnzen sold 1,222 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $43.77, for a total transaction of $53,486.94. Following the completion of the transaction, the senior vice president now owns 57,969 shares in the company, valued at $2,537,303.13. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP April S. Arnzen sold 27,878 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $44.27, for a total transaction of $1,234,159.06. Following the transaction, the senior vice president now owns 58,659 shares of the company’s stock, valued at approximately $2,596,833.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 174,692 shares of company stock worth $7,493,827. 0.53% of the stock is currently owned by company insiders.
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Micron Technology Profile
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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