Pendal Group Ltd reduced its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 47.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 97,917 shares of the semiconductor manufacturer’s stock after selling 89,596 shares during the period. Pendal Group Ltd’s holdings in Micron Technology were worth $3,779,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of Micron Technology by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock valued at $463,429,000 after buying an additional 229,817 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Micron Technology by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,570,069 shares of the semiconductor manufacturer’s stock valued at $430,599,000 after buying an additional 115,976 shares in the last quarter. Northern Trust Corp grew its stake in shares of Micron Technology by 0.7% in the first quarter. Northern Trust Corp now owns 12,369,000 shares of the semiconductor manufacturer’s stock valued at $511,211,000 after buying an additional 92,028 shares in the last quarter. Sanders Capital LLC grew its stake in shares of Micron Technology by 7.3% in the second quarter. Sanders Capital LLC now owns 5,198,802 shares of the semiconductor manufacturer’s stock valued at $224,827,000 after buying an additional 355,400 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Micron Technology by 7.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,710,571 shares of the semiconductor manufacturer’s stock valued at $181,781,000 after buying an additional 321,639 shares in the last quarter. 77.42% of the stock is owned by institutional investors.

Several research firms recently weighed in on MU. JPMorgan Chase & Co. reissued an “overweight” rating on shares of Micron Technology in a research note on Friday, June 21st. Wedbush began coverage on shares of Micron Technology in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $30.00 target price for the company. Zacks Investment Research raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Bank of America raised their target price on shares of Micron Technology from $45.00 to $60.00 and gave the company an “average” rating in a research note on Thursday, July 18th. Finally, Mizuho reaffirmed a “hold” rating and set a $44.00 price objective on shares of Micron Technology in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seventeen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $48.27.

In other news, SVP Michael W. Bokan sold 20,488 shares of Micron Technology stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.71, for a total transaction of $936,506.48. Following the completion of the sale, the senior vice president now owns 43,117 shares of the company’s stock, valued at $1,970,878.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joel L. Poppen sold 654 shares of Micron Technology stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $45.64, for a total value of $29,848.56. The disclosure for this sale can be found here. Insiders have sold 57,244 shares of company stock valued at $2,624,899 in the last three months. Insiders own 0.20% of the company’s stock.

Shares of MU traded down $2.33 during midday trading on Wednesday, reaching $41.84. 1,474,628 shares of the stock were exchanged, compared to its average volume of 30,258,252. Micron Technology, Inc. has a twelve month low of $28.39 and a twelve month high of $53.68. The company has a current ratio of 2.79, a quick ratio of 1.88 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $45.83 billion, a P/E ratio of 3.58 and a beta of 1.96. The firm has a 50 day moving average of $42.84.

Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the firm earned $3.15 earnings per share. The company’s revenue was down 38.6% on a year-over-year basis. Research analysts expect that Micron Technology, Inc. will post 6.06 EPS for the current year.

Micron Technology Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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

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