Micron Technology, Inc. (MU) Position Raised by First Interstate Bank

First Interstate Bank boosted its stake in Micron Technology, Inc. (NASDAQ:MU) by 2,416.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,100 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,500 shares during the quarter. First Interstate Bank’s holdings in Micron Technology were worth $594,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Capital Research Global Investors increased its holdings in Micron Technology by 386.6% in the second quarter. Capital Research Global Investors now owns 39,794,346 shares of the semiconductor manufacturer’s stock valued at $1,188,259,000 after purchasing an additional 31,616,346 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Micron Technology by 292.8% in the second quarter. Janus Henderson Group PLC now owns 11,850,988 shares of the semiconductor manufacturer’s stock valued at $353,885,000 after purchasing an additional 8,834,274 shares during the last quarter. BT Investment Management Ltd bought a new stake in Micron Technology in the second quarter valued at about $95,449,000. Pioneer Investment Management Inc. increased its holdings in Micron Technology by 298.4% in the second quarter. Pioneer Investment Management Inc. now owns 2,590,309 shares of the semiconductor manufacturer’s stock valued at $77,347,000 after purchasing an additional 1,940,212 shares during the last quarter. Finally, Marshall Wace North America L.P. increased its holdings in Micron Technology by 7,981.1% in the second quarter. Marshall Wace North America L.P. now owns 1,781,567 shares of the semiconductor manufacturer’s stock valued at $53,447,000 after purchasing an additional 1,759,521 shares during the last quarter. Institutional investors and hedge funds own 76.85% of the company’s stock.

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Several brokerages have issued reports on MU. Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 price target for the company in a report on Tuesday. Mizuho restated a “buy” rating and issued a $40.00 price target (up from $38.00) on shares of Micron Technology in a report on Wednesday, September 27th. Longbow Research restated a “buy” rating and issued a $50.00 price target (up from $42.00) on shares of Micron Technology in a report on Wednesday, September 27th. Deutsche Bank AG restated a “buy” rating and issued a $43.00 price target (up from $42.00) on shares of Micron Technology in a report on Wednesday, September 27th. Finally, Cowen and Company restated an “outperform” rating and issued a $43.00 price target (up from $40.00) on shares of Micron Technology in a report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $47.20.

Shares of Micron Technology, Inc. (NASDAQ:MU) traded up $1.73 on Tuesday, hitting $49.38. The stock had a trading volume of 29,526,376 shares, compared to its average volume of 28,893,215. Micron Technology, Inc. has a one year low of $18.18 and a one year high of $47.86. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.75 and a current ratio of 2.34. The company has a market cap of $54,940.00, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.62 and a beta of 1.78.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.84 by $0.18. Micron Technology had a return on equity of 54.60% and a net margin of 38.58%. The company had revenue of $6.14 billion for the quarter, compared to analyst estimates of $5.97 billion. During the same quarter last year, the company posted ($0.01) EPS. The company’s revenue for the quarter was up 90.8% compared to the same quarter last year. equities analysts expect that Micron Technology, Inc. will post 7.42 earnings per share for the current fiscal year.

In related news, Director Robert L. Bailey sold 3,000 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $32.64, for a total transaction of $97,920.00. Following the sale, the director now owns 117,284 shares of the company’s stock, valued at approximately $3,828,149.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the firm’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $38.10, for a total value of $4,531,766.40. Following the sale, the senior vice president now directly owns 289,940 shares in the company, valued at approximately $11,046,714. The disclosure for this sale can be found here. In the last three months, insiders have sold 308,415 shares of company stock worth $11,836,825. 0.69% of the stock is currently owned by company insiders.

About Micron Technology

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

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