Westpac Banking Corp grew its position in Micron Technology, Inc. (NASDAQ:MU) by 75.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 455,595 shares of the semiconductor manufacturer’s stock after buying an additional 196,461 shares during the quarter. Westpac Banking Corp’s holdings in Micron Technology were worth $18,830,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Executive Wealth Management LLC acquired a new position in Micron Technology during the 4th quarter valued at about $26,000. JNBA Financial Advisors acquired a new position in Micron Technology during the 4th quarter valued at about $28,000. Athena Capital Advisors LLC acquired a new position in Micron Technology during the 4th quarter valued at about $29,000. Valeo Financial Advisors LLC increased its position in Micron Technology by 73.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 300 shares in the last quarter. Finally, Gemmer Asset Management LLC increased its position in Micron Technology by 49.9% during the 1st quarter. Gemmer Asset Management LLC now owns 706 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 77.05% of the company’s stock.

In related news, SVP April S. Arnzen sold 21,182 shares of the 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Scott J. Deboer sold 14,486 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were 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 of the company’s stock, valued at approximately $6,442,119.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,878 shares of company stock valued at $2,293,223. Insiders own 0.20% of the company’s stock.

Shares of NASDAQ MU traded down $1.94 during midday trading on Wednesday, hitting $32.90. The stock had a trading volume of 1,440,344 shares, compared to its average volume of 29,478,480. The company has a market cap of $39.49 billion, a PE ratio of 2.79 and a beta of 1.94. Micron Technology, Inc. has a 1 year low of $28.39 and a 1 year high of $61.85. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.25 and a quick ratio of 1.65.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.04. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The business had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter last year, the business posted $2.82 earnings per share. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.12 EPS for the current fiscal year.

Several research analysts recently issued reports on MU shares. Zacks Investment Research raised Micron Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, February 18th. ValuEngine lowered Micron Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. BidaskClub lowered Micron Technology from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th. Cross Research lowered Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Finally, Mizuho reduced their target price on Micron Technology from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $51.33.

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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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