Micron Technology, Inc. (NASDAQ:MU) Holdings Raised by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC increased its stake in Micron Technology by 55.9%, holding 20,899 shares worth approximately $1.8 million after acquiring an additional 7,493 shares in Q1.
• A significant insider sale occurred as EVP Manish H. Bhatia sold 80,000 shares for about $9.85 million, resulting in a 22.53% decrease in his position.
• Analysts have set a consensus price target of $146.44 for Micron Technology, with multiple firms issuing buy ratings and price targets upwards of $200.

Cary Street Partners Financial LLC boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 55.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,899 shares of the semiconductor manufacturer's stock after purchasing an additional 7,493 shares during the quarter. Cary Street Partners Financial LLC's holdings in Micron Technology were worth $1,816,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology during the 1st quarter worth $33,000. AllSquare Wealth Management LLC boosted its position in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology during the 1st quarter worth $36,000. Finally, Roxbury Financial LLC boosted its position in Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Buying and Selling at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the transaction, the executive vice president directly owned 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock worth $34,679,277 in the last 90 days. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MU shares. Deutsche Bank Aktiengesellschaft started coverage on Micron Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $150.00 price target for the company. Robert W. Baird boosted their price target on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Susquehanna boosted their price target on Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research report on Thursday, June 26th. KGI Securities lowered Micron Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Finally, Arete Research upgraded Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $108.78 on Thursday. The business's 50-day moving average price is $115.16 and its two-hundred day moving average price is $98.09. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $129.85. The company has a market capitalization of $121.74 billion, a P/E ratio of 19.60 and a beta of 1.37.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. 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.

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