Dalal Street LLC Acquires 86,480 Shares of Micron Technology, Inc. (NASDAQ:MU)

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Dalal Street LLC increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,785,745 shares of the semiconductor manufacturer’s stock after acquiring an additional 86,480 shares during the period. Micron Technology comprises about 23.4% of Dalal Street LLC’s investment portfolio, making the stock its 2nd biggest position. Dalal Street LLC owned 0.16% of Micron Technology worth $68,912,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its stake in shares of Micron Technology by 1.0% in the second quarter. BlackRock Inc. now owns 73,370,753 shares of the semiconductor manufacturer’s stock worth $2,831,377,000 after acquiring an additional 717,819 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Micron Technology by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock worth $463,429,000 after acquiring an additional 229,817 shares during the last quarter. Northern Trust Corp raised its stake in shares of Micron Technology by 8.0% in the second quarter. Northern Trust Corp now owns 13,355,786 shares of the semiconductor manufacturer’s stock worth $515,401,000 after acquiring an additional 986,786 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Micron Technology by 154.2% in the second quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock worth $375,709,000 after acquiring an additional 5,905,239 shares during the last quarter. Finally, Sanders Capital LLC raised its stake in shares of Micron Technology by 7.3% in the second quarter. Sanders Capital LLC now owns 5,198,802 shares of the semiconductor manufacturer’s stock worth $224,827,000 after acquiring an additional 355,400 shares during the last quarter. Institutional investors and hedge funds own 76.73% of the company’s stock.

A number of equities analysts have weighed in on the stock. Deutsche Bank set a $55.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Piper Jaffray Companies dropped their target price on shares of Micron Technology from $40.00 to $36.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Stifel Nicolaus dropped their target price on shares of Micron Technology from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Wedbush assumed coverage on shares of Micron Technology in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $30.00 target price for the company. Finally, Wells Fargo & Co boosted their target price on shares of Micron Technology from $50.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $50.19.

In other news, insider Joel L. Poppen sold 654 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $45.64, for a total value of $29,848.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now owns 110,236 shares of the company’s stock, valued at approximately $5,511,800. The disclosure for this sale can be found here. Insiders sold 79,735 shares of company stock valued at $3,736,994 in the last quarter. Corporate insiders own 0.20% of the company’s stock.

NASDAQ MU traded down $0.07 during trading on Friday, reaching $50.37. 1,681,720 shares of the stock traded hands, compared to its average volume of 18,772,324. The firm has a market cap of $54.52 billion, a price-to-earnings ratio of 4.26 and a beta of 1.95. The stock’s 50-day moving average price is $44.93 and its 200 day moving average price is $40.76. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10. Micron Technology, Inc. has a fifty-two week low of $28.39 and a fifty-two week high of $51.39.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.30. The firm had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business’s revenue for the quarter was down 38.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.15 earnings per share. Analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

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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