Systematic Financial Management LP Sells 202,661 Shares of Micron Technology, Inc. (MU)

Systematic Financial Management LP reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 61.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 126,981 shares of the semiconductor manufacturer’s stock after selling 202,661 shares during the quarter. Systematic Financial Management LP’s holdings in Micron Technology were worth $6,621,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Fulton Bank N.A. bought a new stake in shares of Micron Technology in the first quarter worth about $224,000. SevenBridge Financial Group LLC grew its stake in shares of Micron Technology by 71.6% in the fourth quarter. SevenBridge Financial Group LLC now owns 4,375 shares of the semiconductor manufacturer’s stock worth $180,000 after purchasing an additional 1,825 shares during the last quarter. Dorsey & Whitney Trust CO LLC bought a new stake in shares of Micron Technology in the first quarter worth about $242,000. Princeton Capital Management LLC bought a new stake in shares of Micron Technology in the first quarter worth about $251,000. Finally, Girard Partners LTD. bought a new stake in shares of Micron Technology in the fourth quarter worth about $207,000. 78.52% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ MU opened at $59.97 on Thursday. Micron Technology, Inc. has a twelve month low of $26.85 and a twelve month high of $63.42. The company has a market capitalization of $68.46 billion, a P/E ratio of 13.60, a PEG ratio of 0.53 and a beta of 1.36. The company has a quick ratio of 2.06, a current ratio of 2.58 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.55 by $0.27. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The company had revenue of $7.35 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue for the quarter was up 58.2% on a year-over-year basis. sell-side analysts expect that Micron Technology, Inc. will post 11.13 earnings per share for the current fiscal year.

Micron Technology announced that its board has approved a share repurchase program on Monday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 16.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $48.00, for a total value of $144,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 532 shares of Micron Technology stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $59.80, for a total transaction of $31,813.60. Following the completion of the sale, the senior vice president now directly owns 57,437 shares of the company’s stock, valued at approximately $3,434,732.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,587 shares of company stock valued at $2,871,752. 0.53% of the stock is owned by company insiders.

Several analysts have weighed in on MU shares. Deutsche Bank lifted their price objective on Micron Technology from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday. MKM Partners lifted their price objective on Micron Technology to $72.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their price objective on Micron Technology to $65.00 and gave the company an “overweight” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Micron Technology from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Cowen lifted their price objective on Micron Technology from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $66.63.

Micron Technology Company Profile

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.

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

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