Meeder Asset Management Inc. Grows Stake in Micron Technology, Inc. (NASDAQ:MU)

Meeder Asset Management Inc. lifted its position in Micron Technology, Inc. (NASDAQ:MU) by 11.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 232,153 shares of the semiconductor manufacturer’s stock after buying an additional 23,713 shares during the period. Meeder Asset Management Inc.’s holdings in Micron Technology were worth $8,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. purchased a new position in Micron Technology during the first quarter valued at $55,000. Advisor Partners LLC lifted its position in Micron Technology by 15.9% during the first quarter. Advisor Partners LLC now owns 34,435 shares of the semiconductor manufacturer’s stock valued at $1,423,000 after purchasing an additional 4,715 shares in the last quarter. Winslow Evans & Crocker Inc. lifted its position in Micron Technology by 7.9% during the first quarter. Winslow Evans & Crocker Inc. now owns 27,080 shares of the semiconductor manufacturer’s stock valued at $1,122,000 after purchasing an additional 1,974 shares in the last quarter. Atalanta Sosnoff Capital LLC purchased a new position in Micron Technology during the second quarter valued at $15,766,000. Finally, Voit & Company LLC lifted its position in Micron Technology by 7.4% during the first quarter. Voit & Company LLC now owns 21,452 shares of the semiconductor manufacturer’s stock valued at $887,000 after purchasing an additional 1,470 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Shares of MU stock traded up $1.67 during trading hours on Monday, hitting $45.22. The stock had a trading volume of 1,109,874 shares, compared to its average volume of 29,026,112. Micron Technology, Inc. has a one year low of $28.39 and a one year high of $53.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.79 and a quick ratio of 1.88. The stock’s 50-day moving average price is $43.22 and its two-hundred day moving average price is $40.09. The stock has a market capitalization of $46.62 billion, a price-to-earnings ratio of 3.81 and a beta of 1.96.

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

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the business’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 sale, the executive vice president now directly owns 130,236 shares of the company’s stock, valued at $5,860,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joel L. Poppen sold 654 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $45.64, for a total value of $29,848.56. The disclosure for this sale can be found here. Insiders have sold 57,244 shares of company stock worth $2,624,899 over the last three months. 0.20% of the stock is currently owned by insiders.

MU has been the topic of several analyst reports. Barclays lifted their target price on Micron Technology from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Royal Bank of Canada reissued a “buy” rating and set a $50.00 price target on shares of Micron Technology in a report on Wednesday, June 26th. Stifel Nicolaus decreased their price target on Micron Technology from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, May 31st. BidaskClub raised Micron Technology from a “sell” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Deutsche Bank reissued a “buy” rating and set a $55.00 price target (up from $45.00) on shares of Micron Technology in a report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $48.27.

Micron Technology Company 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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