Deepwater Asset Management LLC Reduces Holdings in Micron Technology, Inc. $MU

Key Points

• Deepwater Asset Management LLC has reduced its stake in Micron Technology, Inc. by 5.5%, holding 151,979 shares valued at approximately $13.2 million, making it the firm's third largest investment.
• The company's latest quarterly earnings report revealed $1.91 earnings per share, significantly surpassing the estimated $1.57, alongside a revenue of $9.3 billion, exceeding expectations of $8.83 billion.
• Micron Technology's stock price recently opened at $125.29 and has undergone a series of positive price target adjustments by analysts, with the new average target reaching $147.24.

Deepwater Asset Management LLC cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,979 shares of the semiconductor manufacturer's stock after selling 8,802 shares during the quarter. Micron Technology comprises 5.6% of Deepwater Asset Management LLC's investment portfolio, making the stock its 3rd largest holding. Deepwater Asset Management LLC's holdings in Micron Technology were worth $13,205,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MU. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter valued at $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the first quarter worth about $33,000. AllSquare Wealth Management LLC increased its holdings in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Micron Technology in the first quarter worth about $36,000. Finally, Roxbury Financial LLC increased its holdings in shares of Micron Technology by 306.1% in the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MU. JPMorgan Chase & Co. increased their price target on Micron Technology from $165.00 to $185.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Morgan Stanley increased their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Raymond James Financial increased their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Wells Fargo & Company increased their price objective on Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, Wall Street Zen upgraded Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $147.24.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $2.68 during midday trading on Monday, hitting $123.55. 12,191,368 shares of the company's stock were exchanged, compared to its average volume of 23,061,104. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The company's 50 day moving average price is $118.02 and its 200 day moving average price is $99.17. The firm has a market capitalization of $138.27 billion, a PE ratio of 22.26 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, 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 return on equity of 13.60% and a net margin of 18.41%. During the same period in the previous year, the company posted $0.62 EPS. As a group, analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared 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 payout ratio is 8.29%.

Insider Activity at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction on 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 completion of the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the sale, the executive vice president directly owned 201,326 shares in the company, valued at $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock worth $34,679,277 in the last three months. Insiders own 0.30% of the company's stock.

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.