Empire Life Investments Inc. Has $28.72 Million Holdings in Micron Technology, Inc. (MU)

Empire Life Investments Inc. grew its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 16.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 698,384 shares of the semiconductor manufacturer’s stock after purchasing an additional 96,547 shares during the period. Micron Technology comprises approximately 2.2% of Empire Life Investments Inc.’s holdings, making the stock its 11th largest holding. Empire Life Investments Inc.’s holdings in Micron Technology were worth $28,718,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its holdings in shares of Micron Technology by 26.7% in the 4th quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 9,810 shares of the semiconductor manufacturer’s stock valued at $403,000 after purchasing an additional 2,070 shares during the period. LMR Partners LLP grew its stake in Micron Technology by 6.9% in the 3rd quarter. LMR Partners LLP now owns 27,653 shares of the semiconductor manufacturer’s stock valued at $1,088,000 after buying an additional 1,776 shares during the last quarter. AMP Capital Investors Ltd grew its stake in Micron Technology by 14.1% in the 3rd quarter. AMP Capital Investors Ltd now owns 801,496 shares of the semiconductor manufacturer’s stock valued at $31,521,000 after buying an additional 99,231 shares during the last quarter. Fox Run Management L.L.C. grew its stake in Micron Technology by 23.9% in the 4th quarter. Fox Run Management L.L.C. now owns 34,682 shares of the semiconductor manufacturer’s stock valued at $1,426,000 after buying an additional 6,682 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Micron Technology by 40.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 437,577 shares of the semiconductor manufacturer’s stock valued at $17,210,000 after buying an additional 125,290 shares during the last quarter. 82.51% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $48.00, for a total transaction of $144,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP April S. Arnzen sold 27,878 shares of Micron Technology stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $44.27, for a total transaction of $1,234,159.06. Following the transaction, the senior vice president now directly owns 58,659 shares of the company’s stock, valued at approximately $2,596,833.93. The disclosure for this sale can be found here. Insiders have sold 174,692 shares of company stock valued at $7,493,827 in the last ninety days. Insiders own 0.53% of the company’s stock.

A number of research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Thursday. Vetr lowered shares of Micron Technology from a “buy” rating to a “hold” rating and set a $57.26 price target on the stock. in a research note on Thursday. KeyCorp upped their price target on shares of Micron Technology from $53.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday. BidaskClub upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Thursday, March 1st. Finally, ValuEngine upgraded shares of Micron Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $56.50.

Micron Technology, Inc. (MU) opened at $54.59 on Monday. The stock has a market cap of $63,123.24, a price-to-earnings ratio of 8.31, a PEG ratio of 0.53 and a beta of 1.46. Micron Technology, Inc. has a 52 week low of $24.81 and a 52 week high of $55.83. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.83 and a current ratio of 2.39.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.85 by $0.60. The firm had revenue of $6.80 billion during the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The company’s revenue for the quarter was up 71.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. sell-side analysts forecast that Micron Technology, Inc. will post 10.29 EPS for the current fiscal year.

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Micron Technology Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

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

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