Morse Asset Management Inc increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 334,015 shares of the semiconductor manufacturer’s stock after buying an additional 9,375 shares during the period. Micron Technology accounts for approximately 3.2% of Morse Asset Management Inc’s investment portfolio, making the stock its 5th largest position. Morse Asset Management Inc’s holdings in Micron Technology were worth $9,974,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Stoneridge Investment Partners LLC boosted its stake in Micron Technology by 56.7% in the second quarter. Stoneridge Investment Partners LLC now owns 142,513 shares of the semiconductor manufacturer’s stock worth $4,255,000 after buying an additional 51,576 shares during the period. Consolidated Investment Group LLC boosted its stake in Micron Technology by 4.5% in the second quarter. Consolidated Investment Group LLC now owns 183,909 shares of the semiconductor manufacturer’s stock worth $5,492,000 after buying an additional 7,900 shares during the period. Amerigo Asset Management boosted its stake in Micron Technology by 11.9% in the second quarter. Amerigo Asset Management now owns 8,077,460 shares of the semiconductor manufacturer’s stock worth $241,193,000 after buying an additional 860,000 shares during the period. Shine Investment Advisory Services Inc. acquired a new stake in Micron Technology during the second quarter worth approximately $141,000. Finally, Pioneer Investment Management Inc. boosted its stake in Micron Technology by 298.4% in the second quarter. Pioneer Investment Management Inc. now owns 2,590,309 shares of the semiconductor manufacturer’s stock worth $77,347,000 after buying an additional 1,940,212 shares during the period. Institutional investors own 80.36% of the company’s stock.
Micron Technology, Inc. (MU) traded up 2.57% on Friday, hitting $30.38. The stock had a trading volume of 31,178,131 shares. The company’s 50-day moving average is $29.95 and its 200-day moving average is $28.20. The stock has a market cap of $33.72 billion, a P/E ratio of 13.34 and a beta of 1.76. Micron Technology, Inc. has a one year low of $15.38 and a one year high of $32.96. Micron Technology also was the target of unusually large options trading on Wednesday. Investors purchased 41,784 put options on the company. This is an increase of 107% compared to the typical daily volume of 20,197 put options.
Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.41 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 92.2% compared to the same quarter last year. On average, analysts anticipate that Micron Technology, Inc. will post $4.71 earnings per share for the current fiscal year.
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MU has been the subject of a number of recent analyst reports. Mizuho restated a “buy” rating and issued a $35.00 price objective on shares of Micron Technology in a research report on Tuesday, April 25th. Robert W. Baird restated an “outperform” rating and issued a $40.00 price objective on shares of Micron Technology in a research report on Monday, May 1st. Goldman Sachs Group, Inc. (The) cut Micron Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $32.00 to $30.00 in a research report on Monday, May 8th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $35.00 price objective on shares of Micron Technology in a research report on Friday, May 12th. Finally, Zacks Investment Research cut Micron Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-eight have issued a buy rating and one has issued 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 Micron Technology stock in a transaction dated 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 directly owns 52,542 shares of the company’s stock, valued at $1,615,666.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction dated 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 $4,807,424. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,250 shares of company stock worth $2,207,515. Corporate insiders own 0.69% of the company’s stock.
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