Thunderbird Partners LLP Invests $51.07 Million in Micron Technology, Inc. (NASDAQ:MU)

by · The Cerbat Gem

Thunderbird Partners LLP bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 809,153 shares of the semiconductor manufacturer’s stock, valued at approximately $51,066,000. Micron Technology accounts for about 15.7% of Thunderbird Partners LLP’s investment portfolio, making the stock its 2nd biggest position. Thunderbird Partners LLP owned 0.07% of Micron Technology at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp raised its position in shares of Micron Technology by 0.6% during the second quarter. State Street Corp now owns 46,193,578 shares of the semiconductor manufacturer’s stock worth $2,915,277,000 after purchasing an additional 282,292 shares during the period. MML Investors Services LLC grew its holdings in Micron Technology by 14.8% during the second quarter. MML Investors Services LLC now owns 95,999 shares of the semiconductor manufacturer’s stock worth $6,058,000 after buying an additional 12,349 shares in the last quarter. West Tower Group LLC bought a new stake in Micron Technology during the second quarter worth $71,000. UniSuper Management Pty Ltd bought a new stake in Micron Technology during the second quarter worth $8,076,000. Finally, Lombard Odier Asset Management Switzerland SA grew its holdings in Micron Technology by 15.2% during the second quarter. Lombard Odier Asset Management Switzerland SA now owns 58,830 shares of the semiconductor manufacturer’s stock worth $3,713,000 after buying an additional 7,754 shares in the last quarter. 79.25% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Micron Technology from $75.00 to $80.00 in a report on Thursday, September 28th. Deutsche Bank Aktiengesellschaft upgraded Micron Technology from a “hold” rating to a “buy” rating and upped their price target for the stock from $65.00 to $85.00 in a report on Monday, September 18th. Robert W. Baird upped their price objective on Micron Technology from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, September 28th. Needham & Company LLC upped their price objective on Micron Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 29th. Finally, Wedbush restated an “outperform” rating and issued a $80.00 price objective on shares of Micron Technology in a research note on Thursday, September 21st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.33.

Read Our Latest Report on MU

Micron Technology Price Performance

Shares of NASDAQ:MU traded up $0.63 on Wednesday, hitting $74.32. The company’s stock had a trading volume of 1,867,366 shares, compared to its average volume of 15,073,645. The company has a 50-day simple moving average of $71.56 and a 200 day simple moving average of $68.72. Micron Technology, Inc. has a 1 year low of $48.43 and a 1 year high of $79.02. The company has a market capitalization of $82.03 billion, a PE ratio of -13.80 and a beta of 1.31. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.46 and a quick ratio of 2.70.

Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share for the quarter, beating the consensus estimate of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.95 billion. During the same quarter last year, the firm posted $1.36 EPS. The company’s revenue was down 39.6% compared to the same quarter last year. Sell-side analysts forecast that Micron Technology, Inc. will post -2.04 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Tuesday, October 10th were given a dividend of $0.115 per share. The ex-dividend date was Friday, October 6th. This represents a $0.46 annualized dividend and a dividend yield of 0.62%. Micron Technology’s dividend payout ratio (DPR) is presently -8.61%.

Insider Activity

In related news, CAO Scott R. Allen sold 8,882 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $67.79, for a total transaction of $602,110.78. Following the transaction, the chief accounting officer now directly owns 49,575 shares in the company, valued at approximately $3,360,689.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total transaction of $498,050.00. Following the sale, the chief executive officer now directly owns 582,862 shares in the company, valued at $41,470,631.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Scott R. Allen sold 8,882 shares of Micron Technology stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $67.79, for a total value of $602,110.78. Following the sale, the chief accounting officer now owns 49,575 shares in the company, valued at $3,360,689.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,390 shares of company stock worth $7,962,233. 0.32% of the stock is currently owned by insiders.

Micron Technology Company Profile

(Free Report)

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.

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