Assenagon Asset Management S.A. Sells 222 Shares of Micron Technology, Inc. $MU

Assenagon Asset Management S.A. lowered its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,927 shares of the semiconductor manufacturer’s stock after selling 222 shares during the period. Assenagon Asset Management S.A.’s holdings in Micron Technology were worth $7,386,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. TCV Trust & Wealth Management Inc. acquired a new position in Micron Technology during the second quarter worth about $231,000. Mandatum Life Insurance Co Ltd grew its holdings in shares of Micron Technology by 16.3% during the 2nd quarter. Mandatum Life Insurance Co Ltd now owns 54,631 shares of the semiconductor manufacturer’s stock valued at $6,733,000 after purchasing an additional 7,650 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Micron Technology during the 2nd quarter valued at approximately $4,424,000. IFM Investors Pty Ltd increased its position in Micron Technology by 5.9% during the 2nd quarter. IFM Investors Pty Ltd now owns 220,512 shares of the semiconductor manufacturer’s stock worth $27,178,000 after purchasing an additional 12,254 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group bought a new position in Micron Technology in the 2nd quarter valued at approximately $993,000. 80.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the transaction, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the business’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,946 shares of company stock worth $32,306,159. 0.30% of the stock is owned by company insiders.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $166.41 on Wednesday. The company has a market capitalization of $186.23 billion, a PE ratio of 29.98 and a beta of 1.47. The stock’s 50 day moving average price is $125.66 and its 200-day moving average price is $106.69. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $170.45.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the company posted $0.62 earnings per share. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MU. Wall Street Zen downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $200.00 target price on shares of Micron Technology in a report on Thursday, September 18th. Arete Research raised Micron Technology to a “strong-buy” rating in a research note on Friday, July 18th. Mizuho upped their price objective on Micron Technology from $155.00 to $182.00 and gave the company an “outperform” rating in a research note on Tuesday, September 16th. Finally, CLSA started coverage on shares of Micron Technology in a research report on Wednesday, August 27th. They set an “outperform” rating and a $155.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $165.54.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.