Hexavest Inc. Buys New Shares in Micron Technology, Inc. (NASDAQ:MU)

Hexavest Inc. acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 758,038 shares of the semiconductor manufacturer’s stock, valued at approximately $40,767,000. Hexavest Inc. owned approximately 0.07% of Micron Technology at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Oppenheimer Asset Management Inc. raised its position in Micron Technology by 2,806.4% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,928 shares of the semiconductor manufacturer’s stock worth $421,000 after purchasing an additional 10,552 shares during the last quarter. IHT Wealth Management LLC lifted its position in Micron Technology by 10.2% during the 2nd quarter. IHT Wealth Management LLC now owns 5,373 shares of the semiconductor manufacturer’s stock worth $207,000 after buying an additional 499 shares in the last quarter. Pictet Asset Management Ltd. lifted its position in Micron Technology by 6.7% during the 2nd quarter. Pictet Asset Management Ltd. now owns 580,738 shares of the semiconductor manufacturer’s stock worth $22,411,000 after buying an additional 36,442 shares in the last quarter. Seeyond raised its holdings in shares of Micron Technology by 2.6% in the 2nd quarter. Seeyond now owns 37,442 shares of the semiconductor manufacturer’s stock valued at $1,445,000 after purchasing an additional 940 shares during the period. Finally, Natixis raised its holdings in shares of Micron Technology by 80.4% in the 2nd quarter. Natixis now owns 130,547 shares of the semiconductor manufacturer’s stock valued at $5,038,000 after purchasing an additional 58,189 shares during the period. 77.28% of the stock is currently owned by institutional investors.

In related news, SVP April S. Arnzen sold 4,252 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $47.22, for a total transaction of $200,779.44. Following the completion of the sale, the senior vice president now directly owns 101,439 shares in the company, valued at $4,789,949.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joel L. Poppen sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total value of $1,139,400.00. Following the completion of the sale, the senior vice president now owns 301,395 shares of the company’s stock, valued at $17,170,473.15. The disclosure for this sale can be found here. Insiders sold 48,786 shares of company stock valued at $2,649,197 over the last three months. 0.18% of the stock is currently owned by corporate insiders.

Micron Technology stock traded up $1.21 during midday trading on Thursday, hitting $57.38. The stock had a trading volume of 9,093,288 shares, compared to its average volume of 22,600,964. The company has a current ratio of 2.56, a quick ratio of 1.78 and a debt-to-equity ratio of 0.16. Micron Technology, Inc. has a 52-week low of $32.14 and a 52-week high of $58.48. The firm’s fifty day moving average is $52.50 and its two-hundred day moving average is $47.11. The company has a market capitalization of $63.56 billion, a PE ratio of 9.33 and a beta of 1.98.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01. Micron Technology had a return on equity of 11.36% and a net margin of 17.01%. The company had revenue of $5.14 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period last year, the company earned $2.97 earnings per share. Micron Technology’s revenue was down 35.0% on a year-over-year basis. As a group, equities research analysts predict that Micron Technology, Inc. will post 2.09 earnings per share for the current fiscal year.

MU has been the topic of several research analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $65.00 price target on shares of Micron Technology in a report on Thursday, December 19th. Rosenblatt Securities raised their target price on shares of Micron Technology from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Robert W. Baird raised their price target on shares of Micron Technology from $30.00 to $45.00 and gave the company an “underperform” rating in a research note on Thursday, December 19th. Wedbush raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $65.00 in a research note on Tuesday, December 17th. Finally, Deutsche Bank reissued a “buy” rating and set a $65.00 price objective (up previously from $55.00) on shares of Micron Technology in a research report on Thursday, December 19th. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, five have given a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $61.38.

About Micron Technology

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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