Cigna Investments Inc. New reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 40,060 shares of the semiconductor manufacturer’s stock after selling 2,397 shares during the period. Cigna Investments Inc. New’s holdings in Micron Technology were worth $1,196,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Guardian Life Insurance Co. of America boosted its stake in shares of Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares during the last quarter. First Personal Financial Services boosted its stake in Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock valued at $122,000 after buying an additional 2,083 shares in the last quarter. Washington Trust Bank boosted its stake in Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock valued at $126,000 after buying an additional 63 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Micron Technology during the second quarter valued at about $141,000. Finally, Coconut Grove Bank boosted its stake in Micron Technology by 1,422.5% in the first quarter. Coconut Grove Bank now owns 5,405 shares of the semiconductor manufacturer’s stock valued at $156,000 after buying an additional 5,050 shares in the last quarter. 80.44% of the stock is currently owned by institutional investors.

Micron Technology, Inc. (MU) opened at 28.58 on Thursday. The stock has a 50 day moving average price of $30.48 and a 200-day moving average price of $27.93. The stock has a market capitalization of $31.72 billion, a P/E ratio of 12.55 and a beta of 1.76. Micron Technology, Inc. has a one year low of $14.21 and a one year high of $32.96.

Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, beating the consensus estimate of $1.37 by $0.25. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. Micron Technology’s revenue for the quarter was up 92.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Analysts anticipate that Micron Technology, Inc. will post $4.71 earnings per share for the current year.

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Several analysts recently issued reports on MU shares. Mizuho reiterated a “buy” rating and set a $35.00 target price on shares of Micron Technology in a research report on Friday, June 16th. Citigroup Inc. restated a “buy” rating and set a $45.00 price target on shares of Micron Technology in a report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) cut Micron Technology from a “buy” rating to a “neutral” rating in a report on Monday, May 15th. BidaskClub cut Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Finally, Loop Capital restated a “buy” rating and set a $40.00 price target on shares of Micron Technology in a report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $35.65.

In related news, VP Scott J. Deboer sold 10,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the vice president now owns 150,232 shares of the company’s stock, valued at $4,807,424. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP April S. Arnzen sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $28.22, for a total value of $28,220.00. Following the transaction, the senior vice president now directly owns 50,542 shares in the company, valued at approximately $1,426,295.24. The disclosure for this sale can be found here. Insiders sold 46,250 shares of company stock worth $1,442,015 in the last three months. 0.69% of the stock is currently owned by corporate insiders.

About Micron Technology

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

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