Fred Alger Management Inc. Has $138.62 Million Position in Micron Technology, Inc. (MU)
Fred Alger Management Inc. decreased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 29.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,642,448 shares of the semiconductor manufacturer’s stock after selling 1,928,712 shares during the period. Fred Alger Management Inc. owned 0.42% of Micron Technology worth $138,623,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in MU. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Micron Technology during the second quarter valued at approximately $500,000. Wynnefield Capital Inc. bought a new position in Micron Technology in the first quarter worth approximately $13,519,000. Captrust Financial Advisors bought a new position in Micron Technology in the second quarter worth approximately $107,000. Guardian Life Insurance Co. of America grew its stake in 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 purchasing an additional 13 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. bought a new position in Micron Technology in the second quarter worth approximately $141,000. 79.32% of the stock is owned by hedge funds and other institutional investors.
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Shares of Micron Technology, Inc. (NASDAQ MU) traded up 0.92% during mid-day trading on Tuesday, hitting $40.38. 16,079,461 shares of the stock traded hands. Micron Technology, Inc. has a one year low of $16.17 and a one year high of $40.54. The stock has a 50 day moving average price of $33.23 and a 200-day moving average price of $30.28. The company has a market cap of $44.82 billion, a P/E ratio of 17.73 and a beta of 1.82.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.18. The company had revenue of $6.14 billion for the quarter, compared to the consensus estimate of $5.97 billion. Micron Technology had a return on equity of 32.09% and a net margin of 25.04%. The company’s quarterly revenue was up 90.8% compared to the same quarter last year. During the same period last year, the business posted ($0.01) EPS. On average, analysts forecast that Micron Technology, Inc. will post $7.56 earnings per share for the current fiscal year.
A number of research analysts have commented on the stock. UBS AG reissued an “average” rating and set a $36.00 target price (up previously from $32.00) on shares of Micron Technology in a research report on Friday, June 30th. BMO Capital Markets began coverage on Micron Technology in a research note on Monday. They set a “market perform” rating and a $43.00 price objective for the company. Macquarie reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Micron Technology in a research report on Wednesday, June 14th. BidaskClub lowered Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Micron Technology from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $40.00 in a report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $43.08.
In other news, insider Joel L. Poppen sold 80,000 shares of the stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $38.61, for a total value of $3,088,800.00. Following the completion of the sale, the insider now owns 266,966 shares in the company, valued at $10,307,557.26. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott J. Deboer sold 13,694 shares of the stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $38.00, for a total value of $520,372.00. Following the completion of the sale, the executive vice president now owns 153,926 shares of the company’s stock, valued at approximately $5,849,188. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,715 shares of company stock valued at $11,360,460. Corporate insiders own 0.69% of the company’s stock.
About Micron Technology
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