Baird Financial Group Inc. Raises Holdings in Micron Technology, Inc. (MU)

Baird Financial Group Inc. grew its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 53.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,397 shares of the semiconductor manufacturer’s stock after purchasing an additional 24,408 shares during the quarter. Baird Financial Group Inc.’s holdings in Micron Technology were worth $3,692,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of MU. Clearwater Capital Advisors LLC purchased a new position in shares of Micron Technology during the first quarter worth about $104,000. Brasada Capital Management LP grew its holdings in shares of Micron Technology by 100.0% during the first 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 during the last quarter. Tradewinds Capital Management LLC grew its holdings in shares of Micron Technology by 411.8% during the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 1,606 shares during the last quarter. Credit Agricole S A grew its holdings in shares of Micron Technology by 199,900.0% during the second quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 1,999 shares during the last quarter. Finally, Avestar Capital LLC grew its holdings in shares of Micron Technology by 7,994.3% during the first 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 during the last quarter. 74.04% of the stock is currently owned by institutional investors.

MU stock opened at $43.62 on Friday. Micron Technology, Inc. has a 12-month low of $34.09 and a 12-month high of $64.66. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The company has a market cap of $50.57 billion, a PE ratio of 9.89, a P/E/G ratio of 0.50 and a beta of 1.63.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.76 billion. During the same period last year, the firm earned $1.62 EPS. The company’s revenue for the quarter was up 40.1% on a year-over-year basis. analysts forecast that Micron Technology, Inc. will post 11.56 earnings per share for the current year.

Micron Technology declared that its Board of Directors has initiated a stock buyback program on Monday, May 21st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 16.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Robert E. Switz sold 25,000 shares of Micron Technology stock in a transaction that occurred on Friday, July 13th. The stock was sold at an average price of $56.00, for a total transaction of $1,400,000.00. Following the completion of the transaction, the director now directly owns 120,257 shares in the company, valued at approximately $6,734,392. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Switz sold 75,000 shares of Micron Technology stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total value of $4,000,500.00. Following the transaction, the director now owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The disclosure for this sale can be found here. Insiders have sold a total of 140,000 shares of company stock valued at $7,604,100 over the last 90 days. Insiders own 0.53% of the company’s stock.

A number of equities research analysts have weighed in on MU shares. Robert W. Baird lifted their price objective on Micron Technology to $100.00 and gave the company an “outperform” rating in a report on Wednesday, May 30th. MKM Partners lifted their price objective on Micron Technology to $77.00 and gave the company a “buy” rating in a report on Thursday, June 21st. JPMorgan Chase & Co. lifted their price objective on Micron Technology from $82.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, June 21st. ValuEngine lowered Micron Technology from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Finally, Cowen lifted their price objective on Micron Technology from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, June 21st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two 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 target price of $69.90.

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.

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

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