Micron Technology, Inc. (MU) Holdings Raised by Xact Kapitalforvaltning AB
Xact Kapitalforvaltning AB boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 232,369 shares of the semiconductor manufacturer’s stock after purchasing an additional 9,554 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Micron Technology were worth $12,185,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Clearwater Capital Advisors LLC bought a new stake in Micron Technology during the first quarter worth approximately $104,000. Brasada Capital Management LP boosted its position in Micron Technology by 100.0% during the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after purchasing an additional 1,000 shares during the period. Avestar Capital LLC boosted its position in Micron Technology by 7,994.3% during the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after purchasing an additional 2,798 shares during the period. Lee Financial Co bought a new stake in Micron Technology during the first quarter worth approximately $188,000. Finally, Pictet & Cie Europe SA bought a new stake in Micron Technology during the first quarter worth approximately $201,000. 78.41% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ MU opened at $55.02 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. The firm has a market capitalization of $63.81 billion, a P/E ratio of 5.33, a PEG ratio of 0.58 and a beta of 1.50. Micron Technology, Inc. has a one year low of $26.85 and a one year high of $64.66.
Micron Technology declared that its Board of Directors has approved a share repurchase plan on Monday, May 21st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
A number of equities research analysts have issued reports on MU shares. BidaskClub raised Micron Technology from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 31st. JPMorgan Chase & Co. increased their price objective on Micron Technology from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, June 21st. Rosenblatt Securities increased their price objective on Micron Technology to $120.00 in a research report on Thursday, June 21st. ValuEngine cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Cowen increased their price objective on Micron Technology from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, June 21st. Seven investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $72.05.
In related news, EVP Scott J. Deboer sold 24,795 shares of the company’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $62.00, for a total value of $1,537,290.00. Following the completion of the transaction, the executive vice president now directly owns 128,579 shares in the company, valued at $7,971,898. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick J. Byrne sold 14,360 shares of the company’s stock in a transaction on Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total value of $665,011.60. Following the completion of the transaction, the director now owns 100,299 shares of the company’s stock, valued at $4,644,846.69. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.
About Micron Technology
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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