Banco de Sabadell S.A decreased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 68.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,135 shares of the semiconductor manufacturer’s stock after selling 17,570 shares during the quarter. Banco de Sabadell S.A’s holdings in Micron Technology were worth $429,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. 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 in the last quarter. Alpha Cubed Investments LLC lifted its holdings in shares of Micron Technology by 9.9% during the second quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock worth $551,000 after buying an additional 950 shares in the last quarter. Brasada Capital Management LP lifted its holdings in shares of Micron Technology by 100.0% during the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after buying an additional 1,000 shares in the last quarter. Arete Wealth Advisors LLC lifted its holdings in shares of Micron Technology by 5.0% during the first quarter. Arete Wealth Advisors LLC now owns 21,652 shares of the semiconductor manufacturer’s stock worth $1,129,000 after buying an additional 1,036 shares in the last quarter. Finally, Brighton Jones LLC lifted its holdings in shares of Micron Technology by 18.7% during the second quarter. Brighton Jones LLC now owns 6,602 shares of the semiconductor manufacturer’s stock worth $346,000 after buying an additional 1,038 shares in the last quarter. 74.04% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on MU. BidaskClub raised Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Morgan Stanley downgraded Micron Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 target price for the company. in a report on Thursday, May 31st. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a report on Thursday, May 24th. MKM Partners raised their price target on Micron Technology to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Finally, Credit Suisse Group raised their price target on Micron Technology from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. Micron Technology presently has an average rating of “Buy” and a consensus target price of $70.52.
Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The firm had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.76 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was up 40.1% on a year-over-year basis. equities analysts anticipate that Micron Technology, Inc. will post 11.56 earnings per share for the current fiscal year.
Micron Technology announced that its board has authorized a stock buyback 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 repurchase up to 16.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of Micron Technology stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $55.09, for a total value of $2,203,600.00. Following the transaction, the senior vice president now owns 126,990 shares in the company, valued at $6,995,879.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert E. Switz sold 25,000 shares of Micron Technology stock in a transaction dated Friday, July 13th. The shares were sold at an average price of $56.00, for a total value of $1,400,000.00. Following the completion of the transaction, the director now owns 120,257 shares in the company, valued at approximately $6,734,392. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,000 shares of company stock worth $7,604,100. Company insiders own 0.53% of the company’s stock.
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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