Hodges Capital Management Inc. reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 20.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 260,963 shares of the semiconductor manufacturer’s stock after selling 66,165 shares during the period. Micron Technology makes up about 1.1% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 26th largest position. Hodges Capital Management Inc.’s holdings in Micron Technology were worth $10,786,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in MU. LPL Financial LLC increased its stake in Micron Technology by 24.1% in the 3rd quarter. LPL Financial LLC now owns 285,840 shares of the semiconductor manufacturer’s stock worth $12,929,000 after purchasing an additional 55,559 shares in the last quarter. Verition Fund Management LLC purchased a new position in Micron Technology in the 3rd quarter worth about $219,000. Advisors Asset Management Inc. increased its stake in Micron Technology by 51.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 16,625 shares of the semiconductor manufacturer’s stock worth $752,000 after purchasing an additional 5,642 shares in the last quarter. Mackenzie Financial Corp increased its stake in Micron Technology by 6.0% in the 3rd quarter. Mackenzie Financial Corp now owns 26,611 shares of the semiconductor manufacturer’s stock worth $1,204,000 after purchasing an additional 1,513 shares in the last quarter. Finally, HRT Financial LLC increased its stake in Micron Technology by 236.9% in the 3rd quarter. HRT Financial LLC now owns 36,414 shares of the semiconductor manufacturer’s stock worth $1,647,000 after purchasing an additional 25,605 shares in the last quarter. 77.21% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Scott J. Deboer sold 14,486 shares of the business’s 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 directly owns 150,236 shares in the company, valued at approximately $6,442,119.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP April S. Arnzen sold 21,182 shares of the business’s 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 of the company’s stock, valued at $3,426,614.88. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.67 by $0.04. The business had revenue of $5.84 billion during the quarter, compared to analyst estimates of $5.82 billion. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The firm’s revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.82 EPS. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.27 earnings per share for the current year.
A number of brokerages recently weighed in on MU. Needham & Company LLC reissued a “hold” rating on shares of Micron Technology in a research note on Thursday, March 21st. BidaskClub upgraded Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Zacks Investment Research upgraded Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Morgan Stanley lowered Micron Technology from an “equal weight” rating to an “underweight” rating and set a $32.00 price objective for the company. in a research report on Thursday, April 4th. Finally, Cowen lowered Micron Technology from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $46.00 to $45.00 in a research report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $56.59.
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Micron Technology Profile
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.
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