Sentinel Trust Co. LBA cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 24.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 133,968 shares of the semiconductor manufacturer’s stock after selling 43,810 shares during the period. Micron Technology makes up approximately 1.6% of Sentinel Trust Co. LBA’s investment portfolio, making the stock its 12th largest holding. Sentinel Trust Co. LBA’s holdings in Micron Technology were worth $7,026,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Clearwater Capital Advisors LLC bought a new position in Micron Technology during the first quarter worth about $104,000. Brasada Capital Management LP lifted its holdings in Micron Technology by 100.0% during the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock worth $104,000 after acquiring an additional 1,000 shares in the last quarter. Tradewinds Capital Management LLC lifted its holdings in Micron Technology by 411.8% during the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 1,606 shares in the last quarter. Credit Agricole S A lifted its holdings in Micron Technology by 199,900.0% during the second quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock worth $105,000 after acquiring an additional 1,999 shares in the last quarter. Finally, Avestar Capital LLC lifted its holdings in Micron Technology by 7,994.3% during the first quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock worth $129,000 after acquiring an additional 2,798 shares in the last quarter. 74.04% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the company. BidaskClub upgraded Micron Technology from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 31st. Morgan Stanley lowered Micron Technology from an “overweight” rating to an “equal weight” rating and set a $65.00 target price on the stock. in a report on Thursday, May 31st. Zacks Investment Research upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Thursday, May 24th. MKM Partners boosted 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 boosted 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $70.52.
Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $0.02. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The business had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.76 billion. During the same quarter in the prior year, the company posted $1.62 earnings per share. Micron Technology’s revenue was up 40.1% on a year-over-year basis. equities research analysts predict that Micron Technology, Inc. will post 11.56 EPS for the current year.
Micron Technology declared that its Board of Directors has authorized a share repurchase program on Monday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Micron Technology news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the transaction, the senior vice president now owns 126,990 shares of the company’s stock, valued at $6,995,879.10. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert E. Switz sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total value of $4,000,500.00. Following the transaction, the director now directly owns 120,257 shares in the company, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,000 shares of company stock worth $7,604,100. Company insiders own 0.53% of the company’s stock.
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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