Consolidated Investment Group LLC Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Consolidated Investment Group LLC lowered its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 140,709 shares of the semiconductor manufacturer's stock after selling 5,575 shares during the quarter. Micron Technology comprises 1.9% of Consolidated Investment Group LLC's portfolio, making the stock its 10th largest position. Consolidated Investment Group LLC's holdings in Micron Technology were worth $12,226,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of MU. Heartland Bank & Trust Co acquired a new stake in Micron Technology during the 1st quarter valued at approximately $772,000. Midwest Financial Group LLC grew its stake in Micron Technology by 1.6% during the 1st quarter. Midwest Financial Group LLC now owns 21,830 shares of the semiconductor manufacturer's stock valued at $1,897,000 after purchasing an additional 350 shares in the last quarter. Masso Torrence Wealth Management Inc. grew its stake in Micron Technology by 14.8% during the 1st quarter. Masso Torrence Wealth Management Inc. now owns 3,715 shares of the semiconductor manufacturer's stock valued at $323,000 after purchasing an additional 480 shares in the last quarter. Nilsine Partners LLC grew its stake in Micron Technology by 84.9% during the 1st quarter. Nilsine Partners LLC now owns 14,039 shares of the semiconductor manufacturer's stock valued at $1,220,000 after purchasing an additional 6,446 shares in the last quarter. Finally, Sawyer & Company Inc grew its stake in Micron Technology by 1.4% during the 1st quarter. Sawyer & Company Inc now owns 17,525 shares of the semiconductor manufacturer's stock valued at $1,523,000 after purchasing an additional 247 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $1.78 during mid-day trading on Friday, hitting $123.60. The company had a trading volume of 29,228,945 shares, compared to its average volume of 23,459,384. The stock has a market cap of $138.13 billion, a price-to-earnings ratio of 29.64 and a beta of 1.28. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $144.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The firm's 50 day simple moving average is $93.13 and its two-hundred day simple moving average is $93.27.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The business's revenue was up 38.2% on a year-over-year basis. During the same quarter last year, the business posted $0.42 EPS. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on MU. Cantor Fitzgerald restated an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a research note on Friday, March 21st. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective for the company. in a research note on Wednesday, March 26th. UBS Group raised their price objective on Micron Technology from $92.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Royal Bank Of Canada set a $125.00 target price on Micron Technology in a report on Wednesday, March 19th. Finally, Robert W. Baird increased their target price on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $127.92.

Insider Buying and Selling

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now owns 24,954 shares of the company's stock, valued at $1,996,320. The trade was a 8.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,404 shares of company stock valued at $5,572,867. Insiders own 0.30% of the company's stock.

About Micron Technology

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.