Virtus Alternative Investment Advisers Inc. lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 17.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,463 shares of the semiconductor manufacturer’s stock after selling 754 shares during the period. Micron Technology makes up about 2.9% of Virtus Alternative Investment Advisers Inc.’s portfolio, making the stock its 3rd largest position. Virtus Alternative Investment Advisers Inc.’s holdings in Micron Technology were worth $134,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of MU. Renaissance Technologies LLC grew its position in Micron Technology by 154.2% during the 2nd quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock worth $375,709,000 after purchasing an additional 5,905,239 shares during the last quarter. Manning & Napier Group LLC purchased a new stake in Micron Technology during the 2nd quarter worth approximately $68,838,000. Westfield Capital Management Co. LP purchased a new stake in Micron Technology during the 2nd quarter worth approximately $54,743,000. TD Asset Management Inc. grew its position in Micron Technology by 375.9% during the 2nd quarter. TD Asset Management Inc. now owns 1,766,209 shares of the semiconductor manufacturer’s stock worth $68,158,000 after purchasing an additional 1,395,097 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD grew its position in Micron Technology by 188.1% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,550,181 shares of the semiconductor manufacturer’s stock worth $64,068,000 after purchasing an additional 1,012,108 shares during the last quarter. 76.73% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have weighed in on MU shares. Stifel Nicolaus dropped their target price on shares of Micron Technology from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Rosenblatt Securities reissued a “buy” rating and set a $60.00 target price on shares of Micron Technology in a research report on Friday, May 24th. Zacks Investment Research upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Royal Bank of Canada set a $55.00 price objective on shares of Micron Technology and gave the company a “buy” rating in a research note on Wednesday, August 21st. Finally, Goldman Sachs Group upgraded shares of Micron Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $56.00 in a research note on Sunday, July 21st. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have assigned a buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and an average price target of $50.19.

Shares of MU traded up $0.10 during trading hours on Friday, hitting $50.54. The stock had a trading volume of 740,276 shares, compared to its average volume of 18,772,324. 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 50-day moving average price of $44.93 and a 200 day moving average price of $40.76. Micron Technology, Inc. has a fifty-two week low of $28.39 and a fifty-two week high of $51.39. The firm has a market capitalization of $54.52 billion, a price-to-earnings ratio of 4.28 and a beta of 1.95.

Micron Technology (NASDAQ:MU) last posted its earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $4.79 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the previous year, the business posted $3.15 EPS. The business’s revenue was down 38.6% compared to the same quarter last year. As a group, analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $50.00, for a total value of $1,000,000.00. Following the completion of the sale, the executive vice president now owns 110,236 shares of the company’s stock, valued at approximately $5,511,800. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP April S. Arnzen sold 4,800 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $45.00, for a total transaction of $216,000.00. Following the completion of the sale, the senior vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $3,572,640. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,735 shares of company stock valued at $3,736,994. Company insiders own 0.20% of the company’s stock.

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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