Traders Sell Micron Technology (MU) on Strength (MU)

Investors sold shares of Micron Technology, Inc. (NASDAQ:MU) on strength during trading on Wednesday. $907.55 million flowed into the stock on the tick-up and $959.35 million flowed out of the stock on the tick-down, for a money net flow of $51.80 million out of the stock. Of all companies tracked, Micron Technology had the 0th highest net out-flow for the day. Micron Technology traded up $0.94 for the day and closed at $59.97

A number of brokerages recently weighed in on MU. Zacks Investment Research upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Thursday. Credit Suisse Group lifted their price objective on shares of Micron Technology from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday. Goldman Sachs Group set a $55.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a research note on Wednesday, February 7th. Stifel Nicolaus reiterated a “buy” rating on shares of Micron Technology in a research report on Friday, March 23rd. Finally, BidaskClub upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $66.86.

The company has a market cap of $69.55 billion, a P/E ratio of 13.84, a P/E/G ratio of 0.54 and a beta of 1.36. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.58 and a quick ratio of 2.06.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.27. The business had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Micron Technology had a return on equity of 48.27% and a net margin of 38.68%. The firm’s quarterly revenue was up 58.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. equities analysts anticipate that Micron Technology, Inc. will post 11.21 earnings per share for the current year.

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

In related news, Director Robert L. Bailey sold 3,000 shares of the business’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 value of $144,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP April S. Arnzen sold 532 shares of the business’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 completion of the sale, the senior vice president now owns 57,437 shares of the company’s stock, valued at $3,434,732.60. The disclosure for this sale can be found here. In the last three months, insiders sold 56,587 shares of company stock valued at $2,871,752. 0.53% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Howard Capital Management Inc. lifted its holdings in shares of Micron Technology by 79.9% during the first quarter. Howard Capital Management Inc. now owns 9,271 shares of the semiconductor manufacturer’s stock worth $478,000 after buying an additional 4,118 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Micron Technology by 8.0% during the first quarter. Amalgamated Bank now owns 154,973 shares of the semiconductor manufacturer’s stock worth $8,080,000 after buying an additional 11,432 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Micron Technology by 1.4% during the first quarter. Principal Financial Group Inc. now owns 1,768,868 shares of the semiconductor manufacturer’s stock worth $92,229,000 after buying an additional 24,882 shares during the last quarter. Summit Trail Advisors LLC lifted its holdings in shares of Micron Technology by 5,095.2% during the first quarter. Summit Trail Advisors LLC now owns 325,014 shares of the semiconductor manufacturer’s stock worth $325,000 after buying an additional 318,758 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Micron Technology by 5.0% during the first quarter. Massmutual Trust Co. FSB ADV now owns 19,634 shares of the semiconductor manufacturer’s stock worth $1,024,000 after buying an additional 931 shares during the last quarter. Hedge funds and other institutional investors own 78.52% of the company’s stock.

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.

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