Gateway Investment Advisers LLC boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 478,538 shares of the semiconductor manufacturer’s stock after acquiring an additional 15,067 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Micron Technology were worth $25,095,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Clearwater Capital Advisors LLC purchased a new position in Micron Technology during the 1st quarter valued at $104,000. Brasada Capital Management LP boosted its holdings 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 during the period. Avestar Capital LLC boosted its holdings 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 during the period. Lee Financial Co purchased a new position in Micron Technology during the 1st quarter valued at $188,000. Finally, Pictet & Cie Europe SA purchased a new position in Micron Technology during the 1st quarter valued at $201,000. Institutional investors own 78.42% of the company’s stock.
MU has been the subject of several research reports. Robert W. Baird upped their target price on Micron Technology to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, May 30th. Stifel Nicolaus reiterated a “buy” rating on shares of Micron Technology in a report on Friday, March 23rd. Mizuho reiterated a “buy” rating and issued a $70.00 target price (up from $66.00) on shares of Micron Technology in a report on Friday, March 23rd. Deutsche Bank upped their target price on Micron Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, March 19th. Finally, Vetr upgraded Micron Technology from a “buy” rating to a “strong-buy” rating and set a $63.66 target price for the company in a report on Monday, March 26th. Seven analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $71.65.
Shares of Micron Technology opened at $54.18 on Thursday, MarketBeat Ratings reports. Micron Technology, Inc. has a 1 year low of $26.85 and a 1 year high of $64.66. The stock has a market cap of $62.99 billion, a P/E ratio of 12.29, a price-to-earnings-growth ratio of 0.57 and a beta of 1.50. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20.
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, beating analysts’ consensus estimates of $3.13 by $0.02. The business had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The company’s revenue was up 40.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.62 earnings per share. research analysts expect that Micron Technology, Inc. will post 11.57 EPS for the current fiscal year.
Micron Technology declared that its Board of Directors has initiated a share repurchase program on Monday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other news, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $46.31, for a total value of $665,011.60. Following the sale, the director now owns 100,299 shares in the company, valued at $4,644,846.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott J. Deboer sold 24,795 shares of the company’s stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $62.00, for a total value of $1,537,290.00. Following the completion of the sale, the executive vice president now owns 128,579 shares in the company, valued at approximately $7,971,898. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.
About Micron Technology
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.
Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU).
Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.