Wealthspire Advisors LLC Raises Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Wealthspire Advisors LLC significantly increased its stake in Micron Technology by 103.7% in Q1, holding 11,546 shares valued at over $1 million.
• Micron Technology recently reported earnings of $1.91 per share, exceeding analyst estimates of $1.57, with revenue of $9.30 billion.
• The stock has received numerous positive target upgrades from analysts, with expectations of continued growth reflected in ratings such as "buy" and an average target price of $146.44.

Wealthspire Advisors LLC raised its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 103.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,546 shares of the semiconductor manufacturer's stock after purchasing an additional 5,877 shares during the period. Wealthspire Advisors LLC's holdings in Micron Technology were worth $1,003,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology in the 1st quarter valued at approximately $33,000. Roxbury Financial LLC raised its position in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after buying an additional 300 shares in the last quarter. AllSquare Wealth Management LLC raised its position in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Micron Technology in the 1st quarter valued at approximately $36,000. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

NASDAQ MU traded up $7.02 during trading hours on Friday, reaching $118.89. 28,916,857 shares of the company were exchanged, compared to its average volume of 21,298,196. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The business's 50 day simple moving average is $115.95 and its 200-day simple moving average is $98.19. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $133.05 billion, a P/E ratio of 21.42 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same quarter last year, the business earned $0.62 earnings per share. On average, equities research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's payout ratio is presently 8.29%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MU. Rosenblatt Securities upped their price objective on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Mizuho upped 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. Piper Sandler upped their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. 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 research report on Thursday, June 26th. Finally, Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. One analyst has rated the stock with a sell rating, five have issued 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, the stock has an average rating of "Moderate Buy" and an average target price of $146.44.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the transaction, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock valued at $34,679,277 over the last quarter. Company insiders own 0.30% of the company's stock.

Micron Technology Company 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.