Systematic Financial Management LP reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 55.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 329,642 shares of the semiconductor manufacturer’s stock after selling 403,047 shares during the quarter. Systematic Financial Management LP’s holdings in Micron Technology were worth $13,555,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. SevenBridge Financial Group LLC boosted its position in shares of Micron Technology by 87.5% during the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock worth $100,000 after acquiring an additional 1,190 shares in the last quarter. Salem Investment Counselors Inc. lifted its holdings in shares of Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after purchasing an additional 1,252 shares during the last quarter. Jacobi Capital Management LLC lifted its holdings in shares of Micron Technology by 368.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock valued at $135,000 after purchasing an additional 2,600 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Micron Technology in the 3rd quarter valued at about $204,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Micron Technology in the 3rd quarter valued at about $184,000. 81.34% of the stock is owned by institutional investors and hedge funds.
MU has been the subject of several research reports. UBS Group boosted their target price on Micron Technology from $75.00 to $85.00 in a report on Wednesday, December 20th. Vetr downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $47.81 target price for the company. in a report on Friday, November 17th. Morgan Stanley boosted their target price on Micron Technology from $39.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, November 27th. ValuEngine downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, December 1st. Finally, Deutsche Bank reissued a “buy” rating and issued a $50.00 target price on shares of Micron Technology in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $55.80.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.60. The business had revenue of $6.80 billion for the quarter, compared to analysts’ expectations of $6.43 billion. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The company’s revenue was up 71.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. analysts expect that Micron Technology, Inc. will post 10.12 earnings per share for the current year.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP April S. Arnzen sold 27,878 shares of the stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $44.27, for a total value of $1,234,159.06. Following the sale, the senior vice president now owns 58,659 shares in the company, valued at approximately $2,596,833.93. The disclosure for this sale can be found here. In the last 90 days, insiders sold 174,692 shares of company stock worth $7,473,967. Insiders own 0.53% of the company’s stock.
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About Micron Technology
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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