Todd Asset Management LLC Invests $14.81 Million in Micron Technology, Inc. (MU)
Todd Asset Management LLC bought a new position in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, HoldingsChannel reports. The fund bought 282,457 shares of the semiconductor manufacturer’s stock, valued at approximately $14,812,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Gideon Capital Advisors Inc. grew its stake in shares of Micron Technology by 209.9% in the first quarter. Gideon Capital Advisors Inc. now owns 62,336 shares of the semiconductor manufacturer’s stock worth $3,250,000 after acquiring an additional 42,223 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Micron Technology by 0.5% during the first quarter. Rhumbline Advisers now owns 1,947,554 shares of the semiconductor manufacturer’s stock valued at $101,545,000 after purchasing an additional 10,158 shares in the last quarter. FineMark National Bank & Trust bought a new position in shares of Micron Technology during the second quarter valued at $201,000. Malaga Cove Capital LLC lifted its holdings in shares of Micron Technology by 37.9% during the second quarter. Malaga Cove Capital LLC now owns 19,907 shares of the semiconductor manufacturer’s stock valued at $1,044,000 after purchasing an additional 5,469 shares in the last quarter. Finally, James Investment Research Inc. lifted its holdings in shares of Micron Technology by 18.2% during the second quarter. James Investment Research Inc. now owns 437,224 shares of the semiconductor manufacturer’s stock valued at $22,928,000 after purchasing an additional 67,196 shares in the last quarter. 77.43% of the stock is currently owned by hedge funds and other institutional investors.
MU stock traded up $1.49 during trading on Tuesday, reaching $49.56. The stock had a trading volume of 340,845 shares, compared to its average volume of 31,647,980. Micron Technology, Inc. has a 52 week low of $29.28 and a 52 week high of $64.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63. The company has a market cap of $54.64 billion, a price-to-earnings ratio of 11.24, a P/E/G ratio of 0.50 and a beta of 1.61.
Micron Technology declared that its board has approved a stock repurchase program on Monday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 16.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, EVP Scott J. Deboer sold 24,795 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 128,579 shares of the company’s stock, valued at $7,971,898. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Friday, July 20th. The stock was sold at an average price of $55.09, for a total value of $2,203,600.00. Following the completion of the transaction, the senior vice president now directly owns 126,990 shares in the company, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. Insiders sold 164,795 shares of company stock worth $9,141,390 in the last ninety days. Corporate insiders own 0.53% of the company’s stock.
A number of research analysts have recently issued reports on the company. Morgan Stanley downgraded Micron Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 price target on the stock. in a report on Thursday, May 31st. BidaskClub raised Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Zacks Investment Research raised Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Thursday, May 24th. MKM Partners upped their price target on Micron Technology to $72.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Finally, Credit Suisse Group upped their price target on Micron Technology from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average target price of $71.83.
Micron Technology Profile
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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