GF Fund Management CO. LTD. acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its latest SEC filing. The firm purchased 211,136 shares of the semiconductor manufacturer’s stock, valued at approximately $17,769,000.
This investment move is part of a larger trend among hedge funds and institutional investors. Several other hedge funds have recently adjusted their positions in Micron Technology. E Fund Management Co. Ltd. increased its stake by 31.8% during the 4th quarter, while CIBC Private Wealth Group LLC boosted its position by 43.0%. Other investors, including Stablepoint Partners LLC, Landscape Capital Management L.L.C., and Duquesne Family Office LLC, also acquired new or increased existing stakes in the company.
Micron Technology’s Stock Performance
Micron Technology’s stock opened at $93.37 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.72, and a debt-to-equity ratio of 0.28. The stock has fluctuated between a 12-month low of $61.54 and a 12-month high of $157.54. The company’s 50-day moving average price is $82.82, and its 200-day moving average price is $92.48.
Recent Financial Performance
Micron Technology reported quarterly earnings on Thursday, March 20th, with EPS of $1.56, surpassing analysts’ consensus estimates of $1.43. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Revenue was up 38.2% year-over-year.
Analyst Ratings and Price Targets
Several analysts have recently commented on MU shares. UBS Group lowered their price target from $130.00 to $92.00 but maintained a ‘buy’ rating. Wells Fargo & Company reaffirmed an ‘equal weight’ rating, while KGI Securities raised their rating to ‘strong-buy’. Robert W. Baird increased their price target from $130.00 to $163.00 and gave an ‘outperform’ rating. The company currently has an average rating of ‘Moderate Buy’ and a consensus target price of $126.48.
Insider activity has shown some selling, with Director Mary Pat Mccarthy and EVP April S. Arnzen selling shares in March. However, institutional investors now own 80.84% of the stock, indicating strong confidence in the company.
