Picton Mahoney Asset Management Makes New $2.29 Million Investment in Micron Technology, Inc. (NASDAQ:MU)

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Picton Mahoney Asset Management acquired a new position in Micron Technology, Inc. (NASDAQ:MU) during the 2nd quarter, HoldingsChannel reports. The fund acquired 59,400 shares of the semiconductor manufacturer’s stock, valued at approximately $2,291,000.

A number of other hedge funds also recently made changes to their positions in the business. Berman Capital Advisors LLC raised its position in shares of 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 purchasing an additional 255 shares during the period. Citizens Financial Group Inc RI bought a new stake in shares of Micron Technology in the first quarter valued at approximately $37,000. Cullen Frost Bankers Inc. bought a new stake in shares of Micron Technology in the first quarter valued at approximately $38,000. Huntington National Bank raised its position in shares of Micron Technology by 40.9% in the second quarter. Huntington National Bank now owns 1,271 shares of the semiconductor manufacturer’s stock valued at $49,000 after purchasing an additional 369 shares during the period. Finally, Ibex Wealth Advisors bought a new stake in shares of Micron Technology in the second quarter valued at approximately $53,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

In other Micron Technology news, SVP April S. Arnzen sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $48.44, for a total value of $116,256.00. Following the completion of the transaction, the senior vice president now owns 76,992 shares of the company’s stock, valued at approximately $3,729,492.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Joel L. Poppen sold 654 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $45.64, for a total transaction of $29,848.56. The disclosure for this sale can be found here. In the last three months, insiders sold 57,244 shares of company stock valued at $2,624,899. Corporate insiders own 0.20% of the company’s stock.

MU has been the topic of several research reports. Nomura lowered their price target on shares of Micron Technology from $45.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Wedbush initiated coverage on shares of Micron Technology in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $30.00 price target on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $60.00 price target on shares of Micron Technology in a research report on Friday, May 24th. KeyCorp lowered their price target on shares of Micron Technology from $48.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 26th. Finally, ValuEngine raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $48.46.

Micron Technology stock traded down $1.82 during midday trading on Friday, reaching $42.96. 25,517,924 shares of the stock were exchanged, compared to its average volume of 24,704,640. The company’s fifty day moving average is $43.91 and its 200-day moving average is $40.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.88 and a current ratio of 2.79. The firm has a market cap of $49.43 billion, a PE ratio of 3.63 and a beta of 1.96. Micron Technology, Inc. has a 52 week low of $28.39 and a 52 week high of $53.68.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.30. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The business had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the company earned $3.15 EPS. The business’s quarterly revenue was down 38.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 6.06 earnings per share 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.

Further Reading: Are all No-Load Funds Equal?

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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