Ingalls & Snyder LLC lessened its position in Micron Technology, Inc. (NASDAQ:MU) by 3.8% in the fourth quarter, HoldingsChannel reports. The fund owned 21,580 shares of the semiconductor manufacturer’s stock after selling 850 shares during the quarter. Ingalls & Snyder LLC’s holdings in Micron Technology were worth $1,161,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Meritage Portfolio Management purchased a new position in shares of Micron Technology during the third quarter valued at approximately $15,961,000. Perigon Wealth Management LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $397,000. Wealthsource Partners LLC purchased a new position in shares of Micron Technology during the third quarter valued at approximately $221,000. River & Mercantile Asset Management LLP boosted its position in shares of Micron Technology by 3.4% during the second quarter. River & Mercantile Asset Management LLP now owns 231,414 shares of the semiconductor manufacturer’s stock valued at $8,931,000 after buying an additional 7,600 shares during the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Micron Technology by 4.5% during the third quarter. Cetera Investment Advisers now owns 17,462 shares of the semiconductor manufacturer’s stock valued at $748,000 after buying an additional 747 shares during the last quarter. 77.28% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:MU opened at $56.17 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.78 and a current ratio of 2.56. Micron Technology, Inc. has a 52-week low of $32.14 and a 52-week high of $58.48. The firm has a market cap of $63.74 billion, a price-to-earnings ratio of 9.13 and a beta of 1.98. The business’s fifty day moving average is $52.50 and its 200 day moving average is $47.11.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the company posted $2.97 EPS. The firm’s revenue for the quarter was down 35.0% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 2.09 EPS for the current fiscal year.
In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the sale, the executive vice president now directly owns 148,368 shares in the company, valued at approximately $8,160,240. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP April S. Arnzen sold 4,534 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $46.10, for a total value of $209,017.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,786 shares of company stock worth $2,649,197. 0.18% of the stock is currently owned by corporate insiders.
A number of analysts recently commented on MU shares. Cowen upgraded Micron Technology from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $70.00 in a report on Tuesday, January 7th. Credit Suisse Group reiterated a “buy” rating and set a $90.00 price target on shares of Micron Technology in a report on Thursday, December 19th. Robert W. Baird lifted their price target on Micron Technology from $30.00 to $45.00 and gave the stock an “underperform” rating in a report on Thursday, December 19th. Morgan Stanley lifted their price target on Micron Technology from $48.00 to $56.00 and gave the stock a “positive” rating in a report on Monday, December 16th. Finally, Cleveland Research upgraded Micron Technology from a “neutral” rating to a “buy” rating in a research note on Tuesday. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $61.24.
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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