Washington Trust Bank Has $108,000 Position in Micron Technology, Inc. (MU)

Washington Trust Bank decreased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 17.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,615 shares of the semiconductor manufacturer’s stock after selling 740 shares during the period. Washington Trust Bank’s holdings in Micron Technology were worth $108,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Micron Technology by 4.9% in the first quarter. Vanguard Group Inc. now owns 86,141,622 shares of the semiconductor manufacturer’s stock valued at $2,489,492,000 after buying an additional 4,004,759 shares during the period. Dimensional Fund Advisors LP increased its position in Micron Technology by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 14,005,627 shares of the semiconductor manufacturer’s stock valued at $404,753,000 after buying an additional 117,152 shares during the period. Geode Capital Management LLC increased its position in Micron Technology by 11.4% in the first quarter. Geode Capital Management LLC now owns 11,008,178 shares of the semiconductor manufacturer’s stock valued at $317,719,000 after buying an additional 1,128,565 shares during the period. AQR Capital Management LLC increased its position in Micron Technology by 64.4% in the first quarter. AQR Capital Management LLC now owns 5,823,890 shares of the semiconductor manufacturer’s stock valued at $168,310,000 after buying an additional 2,281,331 shares during the period. Finally, Janus Capital Management LLC increased its position in Micron Technology by 232.4% in the first quarter. Janus Capital Management LLC now owns 5,573,883 shares of the semiconductor manufacturer’s stock valued at $161,085,000 after buying an additional 3,896,978 shares during the period. 80.11% of the stock is currently owned by institutional investors and hedge funds.

Shares of Micron Technology, Inc. (MU) traded down 6.00% during mid-day trading on Tuesday, reaching $29.77. The company’s stock had a trading volume of 13,395,879 shares. The company has a 50 day moving average of $31.29 and a 200-day moving average of $27.43. The firm has a market capitalization of $33.04 billion, a P/E ratio of 13.07 and a beta of 1.78. Micron Technology, Inc. has a 12 month low of $13.02 and a 12 month high of $32.96.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share for the quarter, beating the 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 for the quarter, compared to analyst estimates of $5.41 billion. During the same period in the prior year, the company posted ($0.08) EPS. The company’s revenue was up 92.2% compared to the same quarter last year. Equities research analysts forecast that Micron Technology, Inc. will post $4.71 EPS for the current year.

Several equities analysts recently weighed in on the company. Robert W. Baird reiterated an “outperform” rating and set a $40.00 target price on shares of Micron Technology in a research report on Monday, June 19th. Cowen and Company increased their target price on Micron Technology from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, June 26th. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 target price (up from $31.00) on shares of Micron Technology in a research report on Monday, March 27th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $33.00 target price (up from $30.00) on shares of Micron Technology in a research report on Friday, June 30th. Finally, Mizuho increased their target price on Micron Technology from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-eight have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $35.65.

In related news, VP April S. Arnzen sold 1,000 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $27.85, for a total transaction of $27,850.00. Following the sale, the vice president now directly owns 53,542 shares in the company, valued at approximately $1,491,144.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Brian Shirley sold 27,250 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $31.54, for a total value of $859,465.00. Following the sale, the senior vice president now owns 292,211 shares in the company, valued at $9,216,334.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,492 shares of company stock worth $2,109,749. Corporate insiders own 0.69% of the company’s stock.

Micron Technology Company Profile

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