DAVENPORT & Co LLC Cuts Position in Micron Technology, Inc. (NASDAQ:MU)

DAVENPORT & Co LLC cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 10.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,479 shares of the semiconductor manufacturer’s stock after selling 1,350 shares during the quarter. DAVENPORT & Co LLC’s holdings in Micron Technology were worth $591,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MU. Guggenheim Capital LLC increased its holdings in shares of Micron Technology by 14.8% in the 4th quarter. Guggenheim Capital LLC now owns 644,332 shares of the semiconductor manufacturer’s stock valued at $34,653,000 after acquiring an additional 83,093 shares during the period. Sunbelt Securities Inc. boosted its position in shares of Micron Technology by 76.5% in the 4th quarter. Sunbelt Securities Inc. now owns 11,168 shares of the semiconductor manufacturer’s stock worth $343,000 after purchasing an additional 4,840 shares in the last quarter. Macquarie Group Ltd. boosted its position in shares of Micron Technology by 0.3% in the 4th quarter. Macquarie Group Ltd. now owns 2,704,254 shares of the semiconductor manufacturer’s stock worth $145,434,000 after purchasing an additional 7,003 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Micron Technology by 7.0% in the 1st quarter. State of Alaska Department of Revenue now owns 371,581 shares of the semiconductor manufacturer’s stock worth $15,627,000 after purchasing an additional 24,238 shares in the last quarter. Finally, Xcel Wealth Management LLC boosted its position in shares of Micron Technology by 44.6% in the 1st quarter. Xcel Wealth Management LLC now owns 9,580 shares of the semiconductor manufacturer’s stock worth $402,000 after purchasing an additional 2,955 shares in the last quarter. Institutional investors and hedge funds own 80.63% of the company’s stock.

In related news, EVP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the completion of the transaction, the executive vice president now owns 128,368 shares in the company, valued at approximately $6,648,178.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.

Shares of Micron Technology stock opened at $50.06 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.89 and a debt-to-equity ratio of 0.18. Micron Technology, Inc. has a twelve month low of $31.13 and a twelve month high of $61.19. The business has a 50-day moving average price of $50.05 and a 200 day moving average price of $49.48. The firm has a market cap of $55.61 billion, a PE ratio of 24.30, a P/E/G ratio of 1.97 and a beta of 1.53.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.11. Micron Technology had a return on equity of 6.31% and a net margin of 11.16%. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the business earned $1.05 EPS. Micron Technology’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, sell-side analysts expect that Micron Technology, Inc. will post 2.47 EPS for the current year.

MU has been the subject of a number of recent analyst reports. Sanford C. Bernstein reissued a “buy” rating and issued a $70.00 price objective on shares of Micron Technology in a research report on Tuesday, June 30th. Susquehanna Bancshares reissued a “buy” rating on shares of Micron Technology in a research report on Friday, July 24th. Nomura Instinet raised their price objective on Micron Technology from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Goldman Sachs Group lifted their price target on Micron Technology from $53.00 to $58.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Finally, Nomura lifted their price target on Micron Technology from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Micron Technology has a consensus rating of “Buy” and an average price target of $63.42.

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

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