Westpac Banking Corp raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 18.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 537,376 shares of the semiconductor manufacturer’s stock after buying an additional 81,781 shares during the period. Westpac Banking Corp’s holdings in Micron Technology were worth $20,737,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MU. Valeo Financial Advisors LLC increased its stake in Micron Technology by 73.3% during the first quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Gemmer Asset Management LLC boosted its holdings in Micron Technology by 49.9% during the first quarter. Gemmer Asset Management LLC now owns 706 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 235 shares in the last quarter. Berman Capital Advisors LLC boosted its holdings in Micron Technology by 56.7% during the first quarter. Berman Capital Advisors LLC now owns 705 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 255 shares in the last quarter. Citizens Financial Group Inc RI acquired a new stake in Micron Technology during the first quarter valued at approximately $37,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Micron Technology during the first quarter valued at approximately $38,000. Institutional investors own 77.42% of the company’s stock.
In related news, SVP April S. Arnzen sold 4,800 shares of Micron Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $216,000.00. Following the completion of the transaction, the senior vice president now owns 79,392 shares of the company’s stock, valued at $3,572,640. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael W. Bokan sold 20,488 shares of Micron Technology stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.71, for a total transaction of $936,506.48. Following the transaction, the senior vice president now directly owns 43,117 shares of the company’s stock, valued at approximately $1,970,878.07. The disclosure for this sale can be found here. Insiders sold 57,244 shares of company stock worth $2,624,899 in the last 90 days. Company insiders own 0.20% of the company’s stock.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.30. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The firm’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same period last year, the firm posted $3.15 earnings per share. Sell-side analysts forecast that Micron Technology, Inc. will post 6.06 earnings per share for the current year.
Several research analysts have recently commented on the company. Mizuho reissued a “hold” rating and issued a $44.00 target price on shares of Micron Technology in a report on Thursday, July 11th. BidaskClub raised Micron Technology from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Robert W. Baird reduced their price objective on Micron Technology from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Friday, June 21st. Stifel Nicolaus reduced their price objective on Micron Technology from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Micron Technology in a report on Friday, June 21st. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $48.27.
Micron Technology Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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