Edgestream Partners L.P. Raises Position in Micron Technology, Inc. (NASDAQ:MU)

Edgestream Partners L.P. increased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 84.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,630 shares of the semiconductor manufacturer's stock after purchasing an additional 3,940 shares during the period. Edgestream Partners L.P.'s holdings in Micron Technology were worth $750,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Brighton Jones LLC increased its holdings in shares of Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after buying an additional 976 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Micron Technology by 19.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock valued at $7,214,000 after purchasing an additional 13,985 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Micron Technology by 74.7% in the fourth quarter. Proficio Capital Partners LLC now owns 4,056 shares of the semiconductor manufacturer's stock valued at $341,000 after buying an additional 1,734 shares in the last quarter. HUB Investment Partners LLC increased its stake in shares of Micron Technology by 255.8% in the fourth quarter. HUB Investment Partners LLC now owns 7,568 shares of the semiconductor manufacturer's stock valued at $637,000 after buying an additional 5,441 shares in the last quarter. Finally, ZEGA Investments LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $164,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director directly owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,446 shares of company stock worth $31,154,717. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on MU. Needham & Company LLC lifted their target price on Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Robert W. Baird boosted their price target on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Citigroup upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Stifel Nicolaus increased their target price on shares of Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Finally, Wells Fargo & Company increased their price target on shares of Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Up 1.0%

Shares of MU traded up $1.13 during trading hours on Friday, hitting $114.39. 19,315,466 shares of the stock were exchanged, compared to its average volume of 23,336,961. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The business has a 50-day moving average of $111.39 and a 200-day moving average of $97.01. The firm has a market capitalization of $128.02 billion, a P/E ratio of 20.61 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the firm posted $0.62 EPS. On average, research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.

Micron Technology Profile

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.