Synovus Financial Corp Decreases Stake in Micron Technology, Inc. (MU)

Synovus Financial Corp lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 10.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,943 shares of the semiconductor manufacturer’s stock after selling 11,649 shares during the period. Synovus Financial Corp’s holdings in Micron Technology were worth $4,433,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MU. Principal Financial Group Inc. increased its position in Micron Technology by 1.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,768,868 shares of the semiconductor manufacturer’s stock valued at $92,229,000 after buying an additional 24,882 shares in the last quarter. IFM Investors Pty Ltd increased its position in Micron Technology by 45.5% during the 2nd quarter. IFM Investors Pty Ltd now owns 52,269 shares of the semiconductor manufacturer’s stock valued at $2,741,000 after buying an additional 16,356 shares in the last quarter. Silverleafe Capital Partners LLC increased its holdings in shares of Micron Technology by 5.9% in the 2nd quarter. Silverleafe Capital Partners LLC now owns 20,230 shares of the semiconductor manufacturer’s stock worth $1,061,000 after purchasing an additional 1,130 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Micron Technology by 27.8% in the 2nd quarter. Empowered Funds LLC now owns 76,333 shares of the semiconductor manufacturer’s stock worth $4,056,000 after purchasing an additional 16,587 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Micron Technology by 18.8% in the 2nd quarter. Fisher Asset Management LLC now owns 6,932 shares of the semiconductor manufacturer’s stock worth $364,000 after purchasing an additional 1,096 shares in the last quarter. 75.48% of the stock is owned by institutional investors.

NASDAQ MU opened at $40.32 on Friday. The company has a current ratio of 2.79, a quick ratio of 2.16 and a debt-to-equity ratio of 0.11. The firm has a market cap of $45.73 billion, a P/E ratio of 3.41, a P/E/G ratio of 0.62 and a beta of 1.69. Micron Technology, Inc. has a fifty-two week low of $33.82 and a fifty-two week high of $64.66.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating the Zacks’ consensus estimate of $3.33 by $0.20. The business had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.25 billion. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The business’s quarterly revenue was up 37.5% on a year-over-year basis. During the same period last year, the firm earned $2.02 earnings per share. On average, equities research analysts anticipate that Micron Technology, Inc. will post 10.19 EPS for the current year.

A number of research firms have commented on MU. Goldman Sachs Group set a $68.00 target price on Micron Technology and gave the stock a “buy” rating in a report on Wednesday, July 18th. Needham & Company LLC reduced their target price on Micron Technology from $100.00 to $80.00 and set a “strong-buy” rating for the company in a report on Monday, September 24th. Barclays reduced their target price on Micron Technology from $60.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, October 23rd. Wells Fargo & Co reduced their target price on Micron Technology from $70.00 to $63.00 and set an “outperform” rating for the company in a report on Wednesday, August 15th. They noted that the move was a valuation call. Finally, Cowen reduced their target price on Micron Technology from $72.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, September 18th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $66.92.

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.

See Also: Fundamental Analysis

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

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