Providence First Trust Co Sells 19,563 Shares of Micron Technology, Inc. (MU)

Providence First Trust Co cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 64.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,647 shares of the semiconductor manufacturer’s stock after selling 19,563 shares during the quarter. Providence First Trust Co’s holdings in Micron Technology were worth $440,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc increased its position in shares of Micron Technology by 1.4% in the third quarter. Vanguard Group Inc now owns 87,876,412 shares of the semiconductor manufacturer’s stock worth $3,974,651,000 after purchasing an additional 1,176,989 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Micron Technology by 4,548.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 28,730,753 shares of the semiconductor manufacturer’s stock worth $905,000 after purchasing an additional 28,112,651 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Micron Technology by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 14,631,169 shares of the semiconductor manufacturer’s stock worth $463,429,000 after purchasing an additional 229,817 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Micron Technology by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,570,069 shares of the semiconductor manufacturer’s stock worth $430,599,000 after purchasing an additional 115,976 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Micron Technology by 0.9% in the fourth quarter. Northern Trust Corp now owns 12,276,972 shares of the semiconductor manufacturer’s stock worth $389,548,000 after buying an additional 115,269 shares in the last quarter. 77.56% of the stock is currently owned by institutional investors and hedge funds.

In related news, SVP Joel L. Poppen sold 20,210 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $41.45, for a total value of $837,704.50. Following the completion of the sale, the senior vice president now owns 269,368 shares of the company’s stock, valued at $11,165,303.60. 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 90 days, insiders sold 55,878 shares of company stock worth $2,293,223. Company insiders own 0.20% of the company’s stock.

Shares of MU traded down $0.20 during mid-day trading on Wednesday, reaching $38.31. The company had a trading volume of 8,276,289 shares, compared to its average volume of 21,604,654. Micron Technology, Inc. has a 52-week low of $28.39 and a 52-week high of $64.66. The company has a quick ratio of 1.65, a current ratio of 2.25 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $41.37 billion, a price-to-earnings ratio of 3.24 and a beta of 1.84.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.04. The company had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.82 billion. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. Micron Technology’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.82 earnings per share. As a group, equities analysts anticipate that Micron Technology, Inc. will post 6.27 EPS for the current fiscal year.

Several brokerages have issued reports on MU. UBS Group upped their target price on Micron Technology to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, March 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $75.00 target price on shares of Micron Technology in a research note on Tuesday, March 19th. Cowen upped their target price on Micron Technology to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. Summit Redstone raised Micron Technology to a “buy” rating in a research note on Thursday, March 21st. Finally, ValuEngine lowered Micron Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty have given a buy rating to the company’s stock. Micron Technology has an average rating of “Hold” and an average target price of $55.85.

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About Micron Technology

Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.

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

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