Cannell Peter B & Co. Inc. Takes Position in Micron Technology, Inc. (MU)
Cannell Peter B & Co. Inc. bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 187,700 shares of the semiconductor manufacturer’s stock, valued at approximately $7,382,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Fox Run Management L.L.C. acquired a new stake in shares of Micron Technology in the 2nd quarter worth $218,000. NN Investment Partners Holdings N.V. boosted its position in shares of Micron Technology by 190.5% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 18,718 shares of the semiconductor manufacturer’s stock worth $559,000 after purchasing an additional 12,275 shares in the last quarter. Eqis Capital Management Inc. boosted its position in shares of Micron Technology by 9.0% in the 2nd quarter. Eqis Capital Management Inc. now owns 11,904 shares of the semiconductor manufacturer’s stock worth $355,000 after purchasing an additional 978 shares in the last quarter. BB&T Corp boosted its position in shares of Micron Technology by 11.6% in the 2nd quarter. BB&T Corp now owns 17,169 shares of the semiconductor manufacturer’s stock worth $513,000 after purchasing an additional 1,787 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC boosted its position in shares of Micron Technology by 0.7% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 67,006 shares of the semiconductor manufacturer’s stock worth $2,106,000 after purchasing an additional 475 shares in the last quarter. 76.85% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on MU. Goldman Sachs Group, Inc. (The) raised Micron Technology from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $40.00 in a research report on Tuesday, September 12th. Susquehanna Bancshares Inc raised their target price on Micron Technology from $40.00 to $50.00 and gave the stock a “positive” rating in a research note on Tuesday, September 19th. UBS AG restated a “buy” rating and issued a $53.00 target price (up previously from $39.50) on shares of Micron Technology in a research note on Thursday, October 19th. They noted that the move was a valuation call. Vetr upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $50.20 target price for the company in a research note on Tuesday. Finally, Deutsche Bank AG restated a “buy” rating and issued a $37.00 target price on shares of Micron Technology in a research note on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.20.
In other Micron Technology news, EVP Scott J. Deboer sold 10,000 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $34.00, for a total value of $340,000.00. Following the completion of the transaction, the executive vice president now directly owns 140,232 shares of the company’s stock, valued at $4,767,888. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert L. Bailey sold 3,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $44.55, for a total transaction of $133,650.00. Following the completion of the transaction, the director now directly owns 117,299 shares of the company’s stock, valued at $5,225,670.45. The disclosure for this sale can be found here. Insiders have sold 308,415 shares of company stock valued at $11,836,825 over the last three months. 0.69% of the stock is currently owned by corporate insiders.
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Shares of Micron Technology, Inc. (MU) traded down $0.45 during trading hours on Wednesday, hitting $48.95. 17,640,837 shares of the stock were exchanged, compared to its average volume of 28,923,764. The stock has a market capitalization of $56,970.00, a PE ratio of 10.73, a price-to-earnings-growth ratio of 0.64 and a beta of 1.78. Micron Technology, Inc. has a 1-year low of $18.18 and a 1-year high of $49.63. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 0.51.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.18. The firm had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The firm’s revenue for the quarter was up 90.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share. equities research analysts forecast that Micron Technology, Inc. will post 7.42 earnings per share for the current fiscal year.
About Micron Technology
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