Stoneridge Investment Partners LLC Cuts Stake in Micron Technology Inc. (MU)
Stoneridge Investment Partners LLC decreased its position in shares of Micron Technology Inc. (NASDAQ:MU) by 31.6% during the second quarter, Holdings Channel reports. The institutional investor owned 376,470 shares of the semiconductor manufacturer’s stock after selling 173,633 shares during the period. Stoneridge Investment Partners LLC’s holdings in Micron Technology were worth $5,180,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. National Planning Corp purchased a new position in shares of Micron Technology during the first quarter worth approximately $135,000. Advisor Partners LLC raised its stake in Micron Technology by 24.1% in the first quarter. Advisor Partners LLC now owns 17,739 shares of the semiconductor manufacturer’s stock worth $186,000 after buying an additional 3,442 shares during the last quarter. BlueMountain Capital Management LLC raised its stake in Micron Technology by 5.9% in the first quarter. BlueMountain Capital Management LLC now owns 18,301 shares of the semiconductor manufacturer’s stock worth $192,000 after buying an additional 1,027 shares during the last quarter. Perkins Capital Management Inc. bought a new stake in Micron Technology during the second quarter worth about $203,000. Finally, Raymond James Trust N.A. raised its stake in Micron Technology by 15.1% in the second quarter. Raymond James Trust N.A. now owns 15,131 shares of the semiconductor manufacturer’s stock worth $208,000 after buying an additional 1,986 shares during the last quarter. 82.25% of the stock is currently owned by hedge funds and other institutional investors.
Micron Technology Inc. (NASDAQ:MU) traded down 3.03% during midday trading on Monday, reaching $16.95. The company’s stock had a trading volume of 23,999,927 shares. The stock’s 50 day moving average price is $15.86 and its 200-day moving average price is $12.71. Micron Technology Inc. has a one year low of $9.31 and a one year high of $19.30. The stock has a market cap of $17.60 billion, a price-to-earnings ratio of 48.71 and a beta of 1.81.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, June 30th. The semiconductor manufacturer reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $2.90 billion for the quarter. Micron Technology had a return on equity of 3.95% and a net margin of 2.86%. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. On average, analysts forecast that Micron Technology Inc. will post ($0.02) EPS for the current fiscal year.
A number of analysts recently issued reports on MU shares. Nomura boosted their price objective on Micron Technology from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 25th. Cleveland Research upgraded Micron Technology from a “neutral” rating to a “buy” rating in a research note on Friday. Pacific Crest reiterated an “equal weight” rating on shares of Micron Technology in a research note on Monday, September 12th. Deutsche Bank AG reiterated a “buy” rating and set a $20.00 price objective on shares of Micron Technology in a research note on Friday. Finally, Vetr lowered Micron Technology from a “strong-buy” rating to a “buy” rating and set a $18.10 price objective on the stock. in a research note on Wednesday, August 31st. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $17.63.
In related news, VP Scott J. Deboer sold 31,500 shares of the company’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the transaction, the vice president now directly owns 207,265 shares of the company’s stock, valued at approximately $3,533,868.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Brian Shirley sold 48,750 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $12.37, for a total value of $603,037.50. Following the completion of the transaction, the vice president now directly owns 381,264 shares in the company, valued at $4,716,235.68. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.
Micron Technology Company Profile
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