Envestnet Portfolio Solutions Inc. Increases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Envestnet Portfolio Solutions Inc. increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 178.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,927 shares of the semiconductor manufacturer's stock after acquiring an additional 42,211 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Micron Technology were worth $5,728,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MU. E Fund Management Co. Ltd. increased its stake in Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after acquiring an additional 8,780 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Micron Technology by 43.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after purchasing an additional 4,264 shares in the last quarter. Landscape Capital Management L.L.C. increased its position in shares of Micron Technology by 167.0% in the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after purchasing an additional 28,621 shares during the last quarter. Duquesne Family Office LLC purchased a new stake in Micron Technology in the fourth quarter valued at approximately $34,412,000. Finally, Janus Henderson Group PLC lifted its position in Micron Technology by 74.6% during the fourth quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock valued at $222,779,000 after purchasing an additional 1,130,680 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Barclays reduced their target price on Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. KGI Securities upgraded Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Citigroup raised their price objective on Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a report on Monday, June 9th. UBS Group boosted their target price on Micron Technology from $92.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Finally, Mizuho increased their price target on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $130.80.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 5,210 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the completion of the transaction, the chief executive officer now directly owns 379,675 shares in the company, valued at $46,073,561.25. This trade represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president now directly owns 186,353 shares in the company, valued at $20,498,830. The trade was a 9.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,404 shares of company stock worth $5,572,867. Company insiders own 0.30% of the company's stock.

Micron Technology Trading Up 1.5%

NASDAQ MU traded up $1.78 on Friday, hitting $123.60. The company's stock had a trading volume of 29,228,945 shares, compared to its average volume of 23,459,384. The firm has a market cap of $138.13 billion, a P/E ratio of 29.64 and a beta of 1.28. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $144.07. The company's 50-day simple moving average is $93.13 and its 200 day simple moving average is $93.33. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28.

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

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.