Virtus Alternative Investment Advisers Inc. Sells 754 Shares of Micron Technology, Inc. (NASDAQ:MU)

Virtus Alternative Investment Advisers Inc. lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 17.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,463 shares of the semiconductor manufacturer’s stock after selling 754 shares during the quarter. Micron Technology comprises about 2.9% of Virtus Alternative Investment Advisers Inc.’s holdings, making the stock its 3rd biggest holding. Virtus Alternative Investment Advisers Inc.’s holdings in Micron Technology were worth $134,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Virtus ETF Advisers LLC acquired a new stake in shares of Micron Technology during the second quarter worth about $25,000. Berman Capital Advisors LLC lifted its position in shares of Micron Technology by 56.7% during the first quarter. Berman Capital Advisors LLC now owns 705 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 255 shares in the last quarter. Citizens Financial Group Inc RI acquired a new stake in shares of Micron Technology during the first quarter worth about $37,000. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in Micron Technology in the second quarter valued at approximately $37,000. Finally, Huntington National Bank raised its holdings in Micron Technology by 40.9% in the second quarter. Huntington National Bank now owns 1,271 shares of the semiconductor manufacturer’s stock valued at $49,000 after acquiring an additional 369 shares in the last quarter. 76.73% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology stock traded up $0.10 during mid-day trading on Friday, hitting $50.54. The company had a trading volume of 740,276 shares, compared to its average volume of 18,772,324. The stock has a market cap of $54.52 billion, a price-to-earnings ratio of 4.28 and a beta of 1.95. Micron Technology, Inc. has a 1 year low of $28.39 and a 1 year high of $51.39. The company has a quick ratio of 1.88, a current ratio of 2.79 and a debt-to-equity ratio of 0.10. The business has a fifty day moving average of $44.93 and a 200 day moving average of $40.76.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.30. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.70 billion. Micron Technology had a net margin of 37.35% and a return on equity of 30.94%. The firm’s revenue was down 38.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.15 earnings per share. Equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Several brokerages recently weighed in on MU. Cfra cut shares of Micron Technology to a “sell” rating and set a $32.00 target price on the stock. in a report on Wednesday, May 22nd. Robert W. Baird reduced their target price on shares of Micron Technology from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Friday, June 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $60.00 target price on shares of Micron Technology in a report on Friday, May 24th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Micron Technology in a report on Friday, June 21st. Finally, Royal Bank of Canada set a $55.00 target price on shares of Micron Technology and gave the company a “buy” rating in a report on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and a consensus price target of $50.19.

In other news, SVP April S. Arnzen sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $45.00, for a total transaction of $216,000.00. Following the transaction, the senior vice president now directly owns 79,392 shares in the company, valued at $3,572,640. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $45.00, for a total transaction of $900,000.00. Following the transaction, the executive vice president now owns 130,236 shares in the company, valued at $5,860,620. The disclosure for this sale can be found here. Insiders sold 79,735 shares of company stock worth $3,736,994 over the last quarter. 0.20% of the stock is currently owned by insiders.

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.

Further Reading: Sell-Side Analysts

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

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