Micron Technology, Inc. (MU) Shares Sold by Westpac Banking Corp
Westpac Banking Corp reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 6.2% in the fourth quarter, Holdings Channel reports. The fund owned 181,880 shares of the semiconductor manufacturer’s stock after selling 11,970 shares during the quarter. Westpac Banking Corp’s holdings in Micron Technology were worth $7,479,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Schwab Charles Investment Management Inc. raised its position in Micron Technology by 19.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 4,536,699 shares of the semiconductor manufacturer’s stock valued at $186,550,000 after purchasing an additional 737,791 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Micron Technology by 437.6% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 83,333 shares of the semiconductor manufacturer’s stock valued at $3,427,000 after purchasing an additional 67,833 shares in the last quarter. Coastline Trust Co bought a new stake in Micron Technology during the 4th quarter valued at $822,000. Creative Planning raised its position in Micron Technology by 8.1% during the 4th quarter. Creative Planning now owns 158,887 shares of the semiconductor manufacturer’s stock valued at $6,533,000 after purchasing an additional 11,962 shares in the last quarter. Finally, National Pension Service raised its position in Micron Technology by 0.4% during the 4th quarter. National Pension Service now owns 1,027,405 shares of the semiconductor manufacturer’s stock valued at $42,247,000 after purchasing an additional 4,440 shares in the last quarter. 80.92% of the stock is owned by hedge funds and other institutional investors.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 60,921 shares of Micron Technology stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $42.40, for a total transaction of $2,583,050.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert L. Bailey sold 3,000 shares of Micron Technology stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $41.38, for a total value of $124,140.00. Following the sale, the director now directly owns 116,699 shares of the company’s stock, valued at approximately $4,829,004.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 158,720 shares of company stock worth $6,786,240. 0.53% of the stock is owned by company insiders.
Micron Technology (NASDAQ:MU) last announced its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.85 by $0.60. Micron Technology had a return on equity of 41.87% and a net margin of 32.77%. The firm had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue for the quarter was up 71.4% on a year-over-year basis. analysts predict that Micron Technology, Inc. will post 9.78 earnings per share for the current year.
A number of equities research analysts have weighed in on the company. UBS Group reaffirmed a “buy” rating and set a $53.00 target price (up from $39.50) on shares of Micron Technology in a research report on Thursday, October 19th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 price target (up from $65.00) on shares of Micron Technology in a report on Wednesday, December 20th. They noted that the move was a valuation call. Goldman Sachs Group reiterated a “buy” rating and issued a $43.00 price target on shares of Micron Technology in a report on Saturday, September 30th. Cowen lifted their price target on Micron Technology from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, December 20th. Finally, Loop Capital reiterated a “buy” rating and issued a $48.00 price target (up from $46.00) on shares of Micron Technology in a report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $55.33.
Micron Technology Profile
Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.
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