Rubric Capital Management LP purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 260,000 shares of the semiconductor manufacturer’s stock, valued at approximately $7,764,000. Micron Technology comprises about 1.6% of Rubric Capital Management LP’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Wynnefield Capital Inc. acquired a new position in shares of Micron Technology during the first quarter valued at approximately $13,519,000. Guardian Life Insurance Co. of America boosted its position in shares of 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 valued at $116,000 after buying an additional 13 shares during the last quarter. First Personal Financial Services boosted its position in shares of Micron Technology by 96.8% in the first quarter. First Personal Financial Services now owns 4,234 shares of the semiconductor manufacturer’s stock valued at $122,000 after buying an additional 2,083 shares during the last quarter. Washington Trust Bank boosted its position in shares of Micron Technology by 1.5% in the first quarter. Washington Trust Bank now owns 4,355 shares of the semiconductor manufacturer’s stock valued at $126,000 after buying an additional 63 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in shares of Micron Technology during the second quarter valued at approximately $141,000. Institutional investors own 80.44% of the company’s stock.

Shares of Micron Technology, Inc. (NASDAQ MU) opened at 28.01 on Friday. The firm has a market capitalization of $31.09 billion, a P/E ratio of 12.30 and a beta of 1.76. Micron Technology, Inc. has a 1-year low of $15.08 and a 1-year high of $32.96. The stock has a 50 day moving average of $30.24 and a 200-day moving average of $27.97.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $5.41 billion. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Micron Technology’s revenue was up 92.2% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post $4.71 earnings per share for the current year.

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Several research analysts recently commented on the stock. UBS AG restated an “average” rating and set a $36.00 target price (up previously from $32.00) on shares of Micron Technology in a report on Friday, June 30th. Citigroup Inc. restated a “buy” rating and set a $45.00 target price on shares of Micron Technology in a report on Wednesday, August 2nd. Robert W. Baird restated an “outperform” rating and set a $48.00 target price (up previously from $40.00) on shares of Micron Technology in a report on Friday, June 30th. BMO Capital Markets restated a “hold” rating on shares of Micron Technology in a report on Thursday, July 27th. Finally, Cowen and Company restated a “buy” rating on shares of Micron Technology in a report on Thursday. One investment 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 given a strong buy rating to the stock. Micron Technology currently has a consensus rating of “Buy” and a consensus target price of $35.65.

In other Micron Technology news, VP April S. Arnzen sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $30.75, for a total value of $30,750.00. Following the completion of the sale, the vice president now owns 52,542 shares of the company’s stock, valued at $1,615,666.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert L. Bailey sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $29.35, for a total value of $88,050.00. Following the completion of the sale, the director now directly owns 124,384 shares of the company’s stock, valued at approximately $3,650,670.40. The disclosure for this sale can be found here. Insiders have sold 46,250 shares of company stock valued at $1,442,015 in the last three months. 0.69% of the stock is owned by insiders.

Micron Technology Company Profile

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

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