Vanguard Capital Wealth Advisors Has $2.12 Million Position in Micron Technology, Inc. (MU)
Vanguard Capital Wealth Advisors lessened its stake in Micron Technology, Inc. (NASDAQ:MU) by 10.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,430 shares of the semiconductor manufacturer’s stock after selling 4,500 shares during the quarter. Micron Technology makes up about 2.8% of Vanguard Capital Wealth Advisors’ portfolio, making the stock its 7th biggest holding. Vanguard Capital Wealth Advisors’ holdings in Micron Technology were worth $2,120,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. grew its holdings in shares of Micron Technology by 47.5% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock worth $316,921,000 after buying an additional 1,958,119 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Micron Technology by 632.0% during the second quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock worth $106,328,000 after buying an additional 1,750,604 shares in the last quarter. Natixis grew its holdings in shares of Micron Technology by 345.7% during the second quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock worth $106,388,000 after buying an additional 1,573,549 shares in the last quarter. Parnassus Investments CA grew its holdings in shares of Micron Technology by 40.0% during the second quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock worth $256,956,000 after buying an additional 1,400,000 shares in the last quarter. Finally, CIBC World Markets Inc. grew its holdings in shares of Micron Technology by 234.9% during the first quarter. CIBC World Markets Inc. now owns 1,743,648 shares of the semiconductor manufacturer’s stock worth $90,914,000 after buying an additional 1,223,063 shares in the last quarter. 74.04% of the stock is owned by institutional investors.
Several research analysts have recently weighed in on MU shares. Robert W. Baird boosted their price target on shares of Micron Technology to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, May 30th. Goldman Sachs Group cut shares of Micron Technology from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Wednesday. Wells Fargo & Co lowered their price target on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 15th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, May 22nd. Finally, Deutsche Bank boosted their price target on shares of Micron Technology from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Ten research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $70.33.
NASDAQ MU opened at $41.81 on Wednesday. Micron Technology, Inc. has a 12 month low of $33.56 and a 12 month high of $64.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63. The stock has a market capitalization of $52.03 billion, a price-to-earnings ratio of 9.46, a P/E/G ratio of 0.52 and a beta of 1.63.
Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 EPS for the quarter, beating the Zacks’ consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.76 billion. During the same quarter in the prior year, the company posted $1.62 earnings per share. Micron Technology’s revenue for the quarter was up 40.1% compared to the same quarter last year. analysts predict that Micron Technology, Inc. will post 11.56 EPS for the current fiscal year.
Micron Technology announced that its Board of Directors has initiated a stock buyback program on Monday, May 21st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 16.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Micron Technology Company Profile
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.
Further Reading: What is a Leveraged Buyout (LBO)?
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