Blume Capital Management Inc. boosted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 16.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,975 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,375 shares during the quarter. Blume Capital Management Inc.’s holdings in Micron Technology were worth $991,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Executive Wealth Management LLC bought a new position in shares of Micron Technology during the 4th quarter valued at about $26,000. JNBA Financial Advisors bought a new position in shares of Micron Technology during the 4th quarter valued at about $28,000. Lavaca Capital LLC bought a new position in shares of Micron Technology during the 4th quarter valued at about $29,000. Athena Capital Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter valued at about $29,000. Finally, Valeo Financial Advisors LLC increased its position in shares of Micron Technology by 73.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 77.42% of the company’s stock.
In other Micron Technology news, SVP April S. Arnzen sold 21,182 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $39.39, for a total value of $834,358.98. Following the completion of the sale, the senior vice president now owns 86,992 shares in the company, valued at approximately $3,426,614.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott J. Deboer sold 14,486 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $42.88, for a total value of $621,159.68. Following the completion of the sale, the executive vice president now owns 150,236 shares of the company’s stock, valued at approximately $6,442,119.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,878 shares of company stock valued at $2,293,223. Company insiders own 0.20% of the company’s stock.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.04. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The business had revenue of $5.84 billion during the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter last year, the business posted $2.82 EPS. The business’s revenue was down 20.6% on a year-over-year basis. As a group, research analysts expect that Micron Technology, Inc. will post 6.27 earnings per share for the current year.
MU has been the topic of several recent research reports. BidaskClub lowered Micron Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Summit Insights upgraded Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st. Royal Bank of Canada initiated coverage on Micron Technology in a research report on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective on the stock. Citigroup cut Micron Technology from a “neutral” rating to a “sell” rating and dropped their target price for the company from $35.00 to $30.00 in a report on Thursday, March 21st. Finally, ValuEngine upgraded Micron Technology from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have issued a buy rating to the company’s stock. Micron Technology has a consensus rating of “Hold” and an average target price of $55.85.
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About Micron Technology
Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.
Further Reading: Asset Allocation, Balancing Your Investments
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