OLD Mutual Customised Solutions Proprietary Ltd. Decreases Stake in Micron Technology, Inc. (MU)

OLD Mutual Customised Solutions Proprietary Ltd. cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,188 shares of the semiconductor manufacturer’s stock after selling 1,112 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in Micron Technology were worth $670,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America increased its stake in Micron Technology by 0.3% in the first quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock worth $116,000 after buying an additional 13 shares in the last quarter. First Personal Financial Services boosted its position in Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock worth $122,000 after buying an additional 2,083 shares during the last quarter. Washington Trust Bank boosted its position in Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock worth $126,000 after buying an additional 63 shares during the last quarter. Coconut Grove Bank boosted its position in Micron Technology by 1,422.5% in the first quarter. Coconut Grove Bank now owns 5,405 shares of the semiconductor manufacturer’s stock worth $156,000 after buying an additional 5,050 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Micron Technology during the first quarter worth about $201,000. 80.11% of the stock is owned by institutional investors.

Shares of Micron Technology, Inc. (NASDAQ MU) traded down 3.17% during trading on Friday, reaching $29.28. The company had a trading volume of 31,854,933 shares. Micron Technology, Inc. has a 52 week low of $13.02 and a 52 week high of $32.96. The company has a market capitalization of $32.50 billion, a PE ratio of 12.86 and a beta of 1.78. The stock’s 50-day moving average price is $31.05 and its 200-day moving average price is $27.58.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.25. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.41 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. The firm’s revenue was up 92.2% compared to the same quarter last year. On average, equities analysts expect that Micron Technology, Inc. will post $4.71 EPS for the current fiscal year.

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Several brokerages have weighed in on MU. Macquarie began coverage on Micron Technology in a research note on Thursday, March 30th. They set an “outperform” rating and a $35.00 price objective on the stock. Vetr upgraded Micron Technology from a “buy” rating to a “strong-buy” rating and set a $32.42 price objective on the stock in a research note on Monday, April 3rd. Cowen and Company restated an “outperform” rating and set a $34.00 price objective on shares of Micron Technology in a research note on Thursday, April 6th. Pacific Crest restated a “sector perform” rating on shares of Micron Technology in a research note on Thursday, April 6th. Finally, UBS AG reaffirmed a “buy” rating and set a $32.00 target price on shares of Micron Technology in a research report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $35.65.

In related news, VP Scott J. Deboer sold 10,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the vice president now owns 150,232 shares of the company’s stock, valued at $4,807,424. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brian Shirley sold 27,250 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $31.54, for a total value of $859,465.00. Following the transaction, the senior vice president now directly owns 292,211 shares in the company, valued at approximately $9,216,334.94. The disclosure for this sale can be found here. Insiders have sold 43,250 shares of company stock worth $1,356,235 in the last ninety days. Corporate insiders own 0.69% of the company’s stock.

Micron Technology Company Profile

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

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