Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Stone Ridge Asset Management LLC

Stone Ridge Asset Management LLC cut its holdings in Micron Technology, Inc. (NASDAQ:MU) by 17.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,011 shares of the semiconductor manufacturer’s stock after selling 36,800 shares during the period. Stone Ridge Asset Management LLC’s holdings in Micron Technology were worth $6,831,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Berman Capital Advisors LLC raised its stake in Micron Technology by 56.7% in the first quarter. Berman Capital Advisors LLC now owns 705 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 255 shares in the last quarter. Citizens Financial Group Inc RI acquired a new stake in Micron Technology in the first quarter valued at $37,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Micron Technology during the first quarter worth about $38,000. Capital Investment Advisory Services LLC increased its position in shares of Micron Technology by 85.3% during the first quarter. Capital Investment Advisory Services LLC now owns 1,086 shares of the semiconductor manufacturer’s stock worth $45,000 after purchasing an additional 500 shares in the last quarter. Finally, Huntington National Bank increased its position in shares of Micron Technology by 40.9% during the second quarter. Huntington National Bank now owns 1,271 shares of the semiconductor manufacturer’s stock worth $49,000 after purchasing an additional 369 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

In other Micron Technology news, SVP April S. Arnzen sold 4,800 shares of Micron Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $216,000.00. Following the sale, the senior vice president now owns 79,392 shares of the company’s stock, valued at approximately $3,572,640. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joel L. Poppen sold 654 shares of Micron Technology 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 disclosure for this sale can be found here. Insiders sold a total of 57,244 shares of company stock worth $2,624,899 in the last ninety days. 0.20% of the stock is owned by corporate insiders.

MU has been the topic of a number of research analyst reports. Deutsche Bank reiterated a “buy” rating and set a $55.00 target price (up previously from $45.00) on shares of Micron Technology in a research report on Wednesday, July 24th. Goldman Sachs Group upgraded Micron Technology from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $56.00 in a research report on Sunday, July 21st. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Micron Technology in a research report on Friday, June 21st. Bank of America lifted their target price on Micron Technology from $45.00 to $60.00 and gave the stock an “average” rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada set a $55.00 target price on Micron Technology and gave the stock a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $48.46.

Shares of NASDAQ MU traded down $1.82 during midday trading on Friday, reaching $42.96. 25,517,924 shares of the company were exchanged, compared to its average volume of 25,080,638. The company has a current ratio of 2.79, a quick ratio of 1.88 and a debt-to-equity ratio of 0.10. Micron Technology, Inc. has a 1 year low of $28.39 and a 1 year high of $53.68. The stock has a fifty day simple moving average of $43.91 and a 200 day simple moving average of $40.25. The stock has a market cap of $48.75 billion, a P/E ratio of 3.63 and a beta of 1.96.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the company posted $3.15 earnings per share. The business’s revenue was down 38.6% on a year-over-year basis. As a group, analysts forecast that Micron Technology, Inc. will post 6.06 earnings per share for the current 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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