Alphinity Investment Management Pty Ltd Sells 162,152 Shares of Micron Technology, Inc. (MU)

Alphinity Investment Management Pty Ltd cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 42.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 224,255 shares of the semiconductor manufacturer’s stock after selling 162,152 shares during the period. Micron Technology accounts for about 1.9% of Alphinity Investment Management Pty Ltd’s portfolio, making the stock its 27th biggest position. Alphinity Investment Management Pty Ltd’s holdings in Micron Technology were worth $10,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of MU. Alpha Cubed Investments LLC raised its holdings in shares of Micron Technology by 9.9% in the second quarter. Alpha Cubed Investments LLC now owns 10,501 shares of the semiconductor manufacturer’s stock worth $551,000 after buying an additional 950 shares during the period. Brighton Jones LLC raised its holdings in shares of Micron Technology by 18.7% in the second quarter. Brighton Jones LLC now owns 6,602 shares of the semiconductor manufacturer’s stock worth $346,000 after buying an additional 1,038 shares during the period. Alethea Capital Management LLC bought a new position in Micron Technology in the second quarter worth approximately $134,000. Fisher Asset Management LLC grew its stake in Micron Technology by 18.8% in the second quarter. Fisher Asset Management LLC now owns 6,932 shares of the semiconductor manufacturer’s stock worth $364,000 after purchasing an additional 1,096 shares in the last quarter. Finally, BB&T Corp grew its stake in Micron Technology by 5.2% in the second quarter. BB&T Corp now owns 22,486 shares of the semiconductor manufacturer’s stock worth $1,179,000 after purchasing an additional 1,110 shares in the last quarter. Institutional investors and hedge funds own 75.48% of the company’s stock.

Shares of NASDAQ MU opened at $40.32 on Friday. The company has a current ratio of 2.79, a quick ratio of 2.16 and a debt-to-equity ratio of 0.11. The firm has a market cap of $45.73 billion, a price-to-earnings ratio of 3.41, a P/E/G ratio of 0.62 and a beta of 1.69. Micron Technology, Inc. has a 12-month low of $33.82 and a 12-month high of $64.66.

Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, September 20th. The semiconductor manufacturer reported $3.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.20. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The business had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.25 billion. During the same quarter last year, the firm earned $2.02 EPS. The business’s revenue for the quarter was up 37.5% on a year-over-year basis. As a group, equities research analysts expect that Micron Technology, Inc. will post 10.19 EPS for the current year.

Several research analysts recently issued reports on MU shares. Goldman Sachs Group set a $68.00 price objective on Micron Technology and gave the stock a “buy” rating in a research note on Wednesday, July 18th. BidaskClub cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Wells Fargo & Co dropped their price objective on Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut Micron Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, Deutsche Bank reissued a “buy” rating and issued a $80.00 price objective on shares of Micron Technology in a research note on Thursday, September 6th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $66.92.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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

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