Nan Shan Life Insurance Co. Ltd. trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 77.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 134,000 shares of the semiconductor manufacturer’s stock after selling 454,063 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Micron Technology were worth $5,636,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fulton Bank N.A. purchased a new position in Micron Technology in the 4th quarter worth approximately $394,000. ING Groep NV raised its holdings in Micron Technology by 483.3% in the 4th quarter. ING Groep NV now owns 76,697 shares of the semiconductor manufacturer’s stock worth $4,125,000 after acquiring an additional 63,548 shares during the last quarter. Aviance Capital Partners LLC purchased a new position in Micron Technology in the 4th quarter worth approximately $203,000. Brighton Jones LLC grew its position in Micron Technology by 6.7% in the 4th quarter. Brighton Jones LLC now owns 8,571 shares of the semiconductor manufacturer’s stock worth $461,000 after purchasing an additional 536 shares during the period. Finally, CWM LLC grew its position in Micron Technology by 23.1% in the 4th quarter. CWM LLC now owns 2,259 shares of the semiconductor manufacturer’s stock worth $121,000 after purchasing an additional 424 shares during the period. Institutional investors own 78.73% of the company’s stock.
A number of equities research analysts have commented on the stock. Morgan Stanley cut their target price on shares of Micron Technology from $73.00 to $52.50 and set an “overweight” rating for the company in a research report on Wednesday, March 18th. Raymond James reaffirmed a “buy” rating on shares of Micron Technology in a research report on Friday, March 27th. Deutsche Bank cut their target price on shares of Micron Technology from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday, March 26th. Cowen reaffirmed an “outperform” rating and issued a $65.00 target price (down previously from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. Finally, Goldman Sachs Group downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $60.00 to $49.00 in a research report on Monday, April 13th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $60.02.
MU stock traded down $0.55 during mid-day trading on Friday, hitting $44.67. The company had a trading volume of 8,228,331 shares, compared to its average volume of 23,132,660. The company has a market capitalization of $49.67 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 2.45 and a beta of 1.64. Micron Technology, Inc. has a 12-month low of $31.13 and a 12-month high of $61.19. The company has a quick ratio of 1.85, a current ratio of 2.74 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $45.19 and a 200 day moving average price of $49.69.
Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The business’s revenue was down 17.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.71 EPS. As a group, analysts expect that Micron Technology, Inc. will post 1.86 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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