Envestnet Asset Management Inc. Sells 96,625 Shares of Micron Technology, Inc. (NASDAQ:MU)

Envestnet Asset Management Inc. reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 583,271 shares of the semiconductor manufacturer's stock after selling 96,625 shares during the period. Envestnet Asset Management Inc. owned 0.05% of Micron Technology worth $50,680,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Sunbeam Capital Management LLC bought a new position in Micron Technology in the fourth quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the first quarter valued at approximately $33,000. Curio Wealth LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $34,000. Hurley Capital LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $37,000. Finally, Roxbury Financial LLC increased its stake in shares of Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on MU. Wedbush raised their target price on shares of Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Wells Fargo & Company raised their target price 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. The Goldman Sachs Group began coverage on shares of Micron Technology in a research note on Thursday. They set a "neutral" rating and a $130.00 target price for the company. Morgan Stanley raised their target price on shares of Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. Finally, Stifel Nicolaus raised their target price on shares of Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares in the company, valued at $18,538,655.04. This trade represents a 9.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president owned 186,353 shares in the company, valued at $20,498,830. This represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,446 shares of company stock worth $31,154,717. Insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

MU stock traded up $1.42 on Friday, hitting $124.53. The company had a trading volume of 15,803,821 shares, compared to its average volume of 23,251,935. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $135.35. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The stock's 50-day simple moving average is $108.03 and its 200 day simple moving average is $95.97. The stock has a market cap of $139.36 billion, a price-to-earnings ratio of 22.44 and a beta of 1.35.

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

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio is presently 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.