Jupiter Wealth Management LLC Invests $325,000 in Micron Technology, Inc. (NASDAQ:MU)

Jupiter Wealth Management LLC purchased a new position in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 7,500 shares of the semiconductor manufacturer’s stock, valued at approximately $325,000.

Several other large investors have also recently modified their holdings of MU. Mondrian Capital Management LLC purchased a new stake in Micron Technology during the 2nd quarter valued at approximately $4,245,000. Employers Holdings Inc. acquired a new stake in shares of Micron Technology in the 2nd quarter worth approximately $174,000. Yacktman Asset Management LP grew its holdings in shares of Micron Technology by 0.6% in the 2nd quarter. Yacktman Asset Management LP now owns 525,045 shares of the semiconductor manufacturer’s stock worth $20,261,000 after acquiring an additional 3,246 shares during the period. Comerica Bank grew its holdings in shares of Micron Technology by 2.8% in the 2nd quarter. Comerica Bank now owns 211,577 shares of the semiconductor manufacturer’s stock worth $9,176,000 after acquiring an additional 5,751 shares during the period. Finally, Columbus Circle Investors acquired a new stake in shares of Micron Technology in the 2nd quarter worth approximately $17,348,000. 77.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Micron Technology stock traded up $1.31 during trading hours on Friday, reaching $43.55. 17,914,100 shares of the company’s stock were exchanged, compared to its average volume of 29,026,112. Micron Technology, Inc. has a 52-week low of $28.39 and a 52-week high of $53.68. The firm has a market capitalization of $46.62 billion, a price-to-earnings ratio of 3.68 and a beta of 1.96. The company has a fifty day moving average of $43.22 and a 200-day moving average of $40.09. The company has a current ratio of 2.79, a quick ratio of 1.88 and a debt-to-equity ratio of 0.10.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, June 25th. The semiconductor manufacturer reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.30. Micron Technology had a return on equity of 30.94% and a net margin of 37.35%. The company had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the prior year, the company posted $3.15 EPS. The business’s revenue for the quarter was down 38.6% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.06 earnings per share for the current fiscal year.

A number of research firms recently weighed in on MU. BidaskClub upgraded Micron Technology from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Piper Jaffray Companies lowered their price target on Micron Technology from $40.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. Robert W. Baird lowered their price target on Micron Technology from $32.00 to $28.00 and set an “underperform” rating on the stock in a report on Friday, June 21st. Wedbush began coverage on Micron Technology in a report on Wednesday, June 26th. They issued a “neutral” rating and a $30.00 price target on the stock. Finally, Cfra cut Micron Technology to a “sell” rating and set a $32.00 price target on the stock. in a report on Wednesday, May 22nd. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seventeen have issued a buy rating to the stock. Micron Technology presently has an average rating of “Hold” and an average price target of $48.27.

In related news, SVP Michael W. Bokan sold 20,488 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $45.71, for a total value of $936,506.48. Following the transaction, the senior vice president now directly owns 43,117 shares of the company’s stock, valued at approximately $1,970,878.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $900,000.00. Following the completion of the transaction, the executive vice president now directly owns 130,236 shares in the company, valued at $5,860,620. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,244 shares of company stock worth $2,624,899. Corporate insiders own 0.20% of the company’s stock.

Micron Technology Profile

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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