Salem Investment Counselors Inc. lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 24.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 301,734 shares of the semiconductor manufacturer’s stock after buying an additional 58,610 shares during the quarter. Micron Technology makes up about 1.4% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 17th largest position. Salem Investment Counselors Inc.’s holdings in Micron Technology were worth $15,823,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in MU. Alethea Capital Management LLC purchased a new stake in Micron Technology during the second quarter valued at $134,000. Tradewinds Capital Management LLC raised its stake 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 valued at $105,000 after purchasing an additional 1,606 shares in the last quarter. Clearwater Capital Advisors LLC purchased a new stake in Micron Technology during the first quarter valued at $104,000. Brasada Capital Management LP raised its stake 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 valued at $104,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Credit Agricole S A raised its stake 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 valued at $105,000 after purchasing an additional 1,999 shares in the last quarter. 74.04% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on MU shares. MKM Partners reiterated a “buy” rating and set a $63.00 price objective (down previously from $77.00) on shares of Micron Technology in a research report on Thursday. BidaskClub cut shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Thursday. ValuEngine cut shares of Micron Technology from a “hold” rating to a “sell” rating in a research report on Wednesday. Goldman Sachs Group cut shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $50.00 in a research report on Wednesday. Finally, Royal Bank of Canada cut their price objective on shares of Micron Technology from $83.00 to $70.00 and set an “outperform” rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $69.90.
In other Micron Technology news, Director Robert E. Switz sold 75,000 shares of the stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $53.34, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert E. Switz sold 25,000 shares of the stock in a transaction dated Friday, July 13th. The stock was sold at an average price of $56.00, for a total transaction of $1,400,000.00. Following the transaction, the director now owns 120,257 shares in the company, valued at $6,734,392. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,000 shares of company stock worth $7,604,100. 0.53% of the stock is owned by company insiders.
Shares of Micron Technology stock opened at $43.71 on Friday. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20. Micron Technology, Inc. has a 1 year low of $34.09 and a 1 year high of $64.66. The stock has a market cap of $48.41 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 0.48 and a beta of 1.63.
Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.76 billion. During the same period in the prior year, the business earned $1.62 EPS. The firm’s quarterly revenue was up 40.1% on a year-over-year basis. equities research analysts forecast that Micron Technology, Inc. will post 11.56 earnings per share for the current fiscal year.
Micron Technology announced that its board has approved a stock buyback plan on Monday, May 21st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 16.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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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Source : https://www.themarketsdaily.com/2018/09/14/micron-technology-inc-mu-shares-bought-by-salem-investment-counselors-inc.html