Sassicaia Capital Advisers LLC Takes $552,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Sassicaia Capital Advisers LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,500 shares of the semiconductor manufacturer’s stock, valued at approximately $552,000. Micron Technology accounts for about 0.6% of Sassicaia Capital Advisers LLC’s holdings, making the stock its 23rd biggest position.

Other hedge funds also recently modified their holdings of the company. Verition Fund Management LLC increased its stake in shares of Micron Technology by 326.8% in the 1st quarter. Verition Fund Management LLC now owns 263,769 shares of the semiconductor manufacturer’s stock valued at $23,267,000 after purchasing an additional 201,972 shares in the last quarter. National Pension Service increased its stake in shares of Micron Technology by 2.0% in the 1st quarter. National Pension Service now owns 1,626,273 shares of the semiconductor manufacturer’s stock valued at $143,454,000 after purchasing an additional 31,758 shares in the last quarter. X Square Capital LLC increased its stake in shares of Micron Technology by 2.3% in the 1st quarter. X Square Capital LLC now owns 81,095 shares of the semiconductor manufacturer’s stock valued at $7,153,000 after purchasing an additional 1,850 shares in the last quarter. Montag & Caldwell LLC increased its stake in shares of Micron Technology by 16.4% in the 2nd quarter. Montag & Caldwell LLC now owns 426,935 shares of the semiconductor manufacturer’s stock valued at $36,281,000 after purchasing an additional 60,125 shares in the last quarter. Finally, W.G. Shaheen & Associates DBA Whitney & Co increased its stake in shares of Micron Technology by 3.3% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 39,240 shares of the semiconductor manufacturer’s stock valued at $3,461,000 after purchasing an additional 1,253 shares in the last quarter. 78.34% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Sumit Sadana sold 104,280 shares of the business’s stock in a transaction on Tuesday, July 6th. The shares were sold at an average price of $80.42, for a total transaction of $8,386,197.60. Following the transaction, the executive vice president now directly owns 165,548 shares in the company, valued at $13,313,370.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Joel L. Poppen sold 4,984 shares of the business’s stock in a transaction on Monday, July 12th. The stock was sold at an average price of $78.76, for a total transaction of $392,539.84. Following the transaction, the senior vice president now owns 257,197 shares in the company, valued at $20,256,835.72. The disclosure for this sale can be found here. Insiders sold 135,332 shares of company stock worth $10,717,669 over the last quarter. 0.30% of the stock is owned by corporate insiders.

Several equities analysts recently weighed in on MU shares. Susquehanna restated a “buy” rating and issued a $135.00 price target (down previously from $150.00) on shares of Micron Technology in a research note on Thursday. Evercore ISI cut their price objective on Micron Technology from $135.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday, August 13th. Wedbush reiterated a “neutral” rating on shares of Micron Technology in a research note on Monday, June 28th. Morgan Stanley lowered Micron Technology from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective for the company. in a research note on Wednesday, August 11th. Finally, BMO Capital Markets cut their price objective on Micron Technology from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Buy” and an average price target of $110.37.

Shares of MU opened at $73.46 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.40. Micron Technology, Inc. has a twelve month low of $46.50 and a twelve month high of $96.96. The firm’s 50 day moving average price is $74.49 and its two-hundred day moving average price is $80.91. The firm has a market cap of $82.70 billion, a P/E ratio of 20.40, a PEG ratio of 0.49 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.17. Micron Technology had a net margin of 16.20% and a return on equity of 12.60%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $7.26 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. The business’s revenue was up 36.5% on a year-over-year basis. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 5.65 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 18th. Stockholders of record on Friday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Thursday, September 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.54%.

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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