Vanguard Capital Wealth Advisors trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 31.8% in the third quarter, Holdings Channel reports. The fund owned 27,580 shares of the semiconductor manufacturer’s stock after selling 12,850 shares during the period. Micron Technology comprises 1.4% of Vanguard Capital Wealth Advisors’ portfolio, making the stock its 18th biggest holding. Vanguard Capital Wealth Advisors’ holdings in Micron Technology were worth $1,247,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Senator Investment Group LP purchased a new stake in Micron Technology during the second quarter valued at about $140,277,000. Point72 Asset Management L.P. lifted its stake in Micron Technology by 632.0% during the second quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock valued at $106,328,000 after buying an additional 1,750,604 shares in the last quarter. Natixis lifted its stake in Micron Technology by 345.7% during the second quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock valued at $106,388,000 after buying an additional 1,573,549 shares in the last quarter. Parnassus Investments CA lifted its stake in Micron Technology by 40.0% during the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after buying an additional 1,400,000 shares in the last quarter. Finally, Global Thematic Partners LLC lifted its stake in Micron Technology by 178.5% during the second quarter. Global Thematic Partners LLC now owns 1,273,854 shares of the semiconductor manufacturer’s stock valued at $66,802,000 after buying an additional 816,374 shares in the last quarter. 74.15% of the stock is owned by institutional investors.
MU has been the subject of a number of analyst reports. Benchmark initiated coverage on shares of Micron Technology in a research note on Friday, June 22nd. They set a “buy” rating and a $80.00 price objective for the company. UBS Group raised shares of Micron Technology from a “sell” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, June 26th. Credit Suisse Group set a $90.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a research note on Thursday, June 21st. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $84.00 target price on shares of Micron Technology in a report on Wednesday, September 19th. Finally, Wells Fargo & Co dropped their target price on Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, August 15th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $68.42.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, topping analysts’ consensus estimates of $3.33 by $0.20. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The firm had revenue of $8.44 billion for the quarter, compared to the consensus estimate of $8.25 billion. During the same quarter in the prior year, the company posted $2.02 earnings per share. The firm’s revenue was up 37.5% on a year-over-year basis. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 10.37 earnings per share for the current fiscal year.
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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