Hosking Partners LLP lowered its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 19.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 964,120 shares of the semiconductor manufacturer’s stock after selling 228,619 shares during the quarter. Micron Technology comprises 1.1% of Hosking Partners LLP’s holdings, making the stock its 22nd biggest position. Hosking Partners LLP owned 0.08% of Micron Technology worth $50,269,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Lido Advisors LLC increased its position in shares of Micron Technology by 117.8% in the first quarter. Lido Advisors LLC now owns 16,979 shares of the semiconductor manufacturer’s stock worth $885,000 after purchasing an additional 9,184 shares during the period. Oakmont Corp bought a new position in shares of Micron Technology in the first quarter worth $30,919,000. IFP Advisors Inc increased its position in shares of Micron Technology by 156.8% in the first quarter. IFP Advisors Inc now owns 157,832 shares of the semiconductor manufacturer’s stock worth $8,229,000 after purchasing an additional 96,370 shares during the period. Anchor Capital Advisors LLC bought a new position in shares of Micron Technology in the first quarter worth $1,408,000. Finally, Lee Financial Co bought a new position in shares of Micron Technology in the first quarter worth $188,000. 78.52% of the stock is owned by institutional investors.
Micron Technology stock opened at $59.03 on Wednesday. The company has a current ratio of 2.58, a quick ratio of 2.06 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $64.34 billion, a P/E ratio of 13.39, a P/E/G ratio of 0.51 and a beta of 1.36. Micron Technology, Inc. has a one year low of $26.85 and a one year high of $63.42.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.27. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The firm had revenue of $7.35 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The company’s revenue was up 58.2% compared to the same quarter last year. equities analysts predict that Micron Technology, Inc. will post 10.92 earnings per share for the current fiscal year.
Micron Technology declared that its Board of Directors has authorized a share repurchase program on Monday, May 21st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 16.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 532 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $59.80, for a total value of $31,813.60. Following the transaction, the senior vice president now directly owns 57,437 shares in the company, valued at $3,434,732.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,587 shares of company stock worth $2,871,752. Insiders own 0.53% of the company’s stock.
A number of research firms have issued reports on MU. Citigroup cut Micron Technology from a “buy” rating to a “neutral” rating in a research report on Friday, March 23rd. ValuEngine cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Deutsche Bank lifted their target price on Micron Technology from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday. Nomura lifted their target price on Micron Technology and gave the company a “buy” rating in a research report on Monday, March 12th. Finally, KeyCorp lifted their target price on Micron Technology from $65.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, March 23rd. Two 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 issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $66.63.
About Micron Technology
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.
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