Assetmark Inc. raised its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 190,037 shares of the semiconductor manufacturer’s stock after buying an additional 10,224 shares during the quarter. Assetmark Inc.’s holdings in Micron Technology were worth $8,595,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in MU. Riverhead Capital Management LLC grew its stake in shares of Micron Technology by 69.9% during the 3rd quarter. Riverhead Capital Management LLC now owns 385,517 shares of the semiconductor manufacturer’s stock worth $17,437,000 after purchasing an additional 158,572 shares during the period. University of Notre Dame DU Lac grew its stake in shares of Micron Technology by 11.3% during the 3rd quarter. University of Notre Dame DU Lac now owns 179,758 shares of the semiconductor manufacturer’s stock worth $8,130,000 after purchasing an additional 18,252 shares during the period. People s United Financial Inc. grew its stake in shares of Micron Technology by 22.8% during the 3rd quarter. People s United Financial Inc. now owns 101,279 shares of the semiconductor manufacturer’s stock worth $4,506,000 after purchasing an additional 18,806 shares during the period. InterOcean Capital LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $226,000. Finally, Vertex One Asset Management Inc. grew its stake in shares of Micron Technology by 5.4% during the 3rd quarter. Vertex One Asset Management Inc. now owns 390,200 shares of the semiconductor manufacturer’s stock worth $17,649,000 after purchasing an additional 20,000 shares during the period. 74.46% of the stock is owned by institutional investors and hedge funds.
Shares of MU stock opened at $35.31 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.16 and a current ratio of 2.79. The firm has a market capitalization of $41.83 billion, a price-to-earnings ratio of 2.99, a PEG ratio of 0.59 and a beta of 1.63. Micron Technology, Inc. has a fifty-two week low of $33.82 and a fifty-two week high of $64.66.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share for the quarter, beating analysts’ consensus estimates of $3.33 by $0.20. The company had revenue of $8.44 billion for the quarter, compared to analyst estimates of $8.25 billion. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The firm’s revenue for the quarter was up 37.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. Sell-side analysts expect that Micron Technology, Inc. will post 9.86 EPS for the current year.
A number of brokerages have recently commented on MU. BidaskClub raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Saturday, August 25th. Wells Fargo & Co dropped their price objective on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note 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 note on Tuesday, August 21st. Deutsche Bank reiterated a “buy” rating and set a $80.00 target price on shares of Micron Technology in a research report on Thursday, September 6th. They noted that the move was a valuation call. Finally, Stifel Nicolaus decreased their target price on Micron Technology from $108.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, September 21st. Four analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.51.
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About Micron Technology
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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