Pictet Asset Management Ltd. Lowers Stake in Micron Technology, Inc. (MU)
Pictet Asset Management Ltd. reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 543,624 shares of the semiconductor manufacturer’s stock after selling 8,700 shares during the period. Pictet Asset Management Ltd.’s holdings in Micron Technology were worth $16,727,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its stake in shares of Micron Technology by 83.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 412,407 shares of the semiconductor manufacturer’s stock valued at $12,040,000 after buying an additional 188,133 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock valued at $161,085,000 after buying an additional 3,896,978 shares in the last quarter. Eidelman Virant Capital boosted its stake in shares of Micron Technology by 22.0% in the second quarter. Eidelman Virant Capital now owns 127,400 shares of the semiconductor manufacturer’s stock valued at $3,804,000 after buying an additional 23,000 shares in the last quarter. Quantitative Systematic Strategies LLC boosted its stake in shares of Micron Technology by 0.7% in the second quarter. Quantitative Systematic Strategies LLC now owns 67,006 shares of the semiconductor manufacturer’s stock valued at $2,106,000 after buying an additional 475 shares in the last quarter. Finally, Grassi Investment Management purchased a new stake in shares of Micron Technology during the second quarter valued at $427,000. Institutional investors and hedge funds own 80.44% of the company’s stock.
Micron Technology, Inc. (NASDAQ MU) opened at 28.01 on Friday. The stock has a market cap of $31.09 billion, a P/E ratio of 12.30 and a beta of 1.76. The firm’s 50-day moving average price is $30.24 and its 200-day moving average price is $27.97. Micron Technology, Inc. has a 12 month low of $15.08 and a 12 month high of $32.96.
Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.41 billion. During the same quarter in the previous year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was up 92.2% on a year-over-year basis. On average, analysts predict that Micron Technology, Inc. will post $4.71 earnings per share for the current year.
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MU has been the subject of several research reports. Credit Suisse Group reiterated a “buy” rating on shares of Micron Technology in a report on Sunday, July 2nd. Robert W. Baird restated an “outperform” rating and set a $40.00 price objective on shares of Micron Technology in a research note on Monday, May 1st. Needham & Company LLC restated a “buy” rating on shares of Micron Technology in a research note on Thursday, June 8th. Zacks Investment Research cut Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 24th. Finally, Deutsche Bank AG upped their price objective on Micron Technology from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, June 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $35.65.
In other news, VP April S. Arnzen sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $30.75, for a total transaction of $30,750.00. Following the sale, the vice president now owns 52,542 shares of the company’s stock, valued at approximately $1,615,666.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Scott J. Deboer sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 150,232 shares in the company, valued at approximately $4,807,424. The disclosure for this sale can be found here. Insiders have sold a total of 46,250 shares of company stock worth $1,442,015 in the last quarter. 0.69% of the stock is currently owned by insiders.
Micron Technology Company Profile
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