Morse Asset Management Inc Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc lessened its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 9.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,220 shares of the semiconductor manufacturer's stock after selling 5,176 shares during the quarter. Morse Asset Management Inc's holdings in Micron Technology were worth $4,537,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sunbeam Capital Management LLC bought a new position in Micron Technology in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new position in Micron Technology during the 1st quarter worth approximately $33,000. Roxbury Financial LLC raised its holdings 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 purchasing an additional 300 shares during the last quarter. Hurley Capital LLC bought a new position in Micron Technology during the 4th quarter worth approximately $37,000. Finally, Harbor Investment Advisory LLC raised its holdings in Micron Technology by 240.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Insiders Place Their Bets

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the sale, the director directly owned 22,550 shares in the company, valued at $2,734,864. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the company's 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 sale, the executive vice president owned 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,446 shares of company stock worth $31,154,717 in the last ninety days. 0.30% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $1.13 during mid-day trading on Friday, reaching $114.39. 19,315,466 shares of the company's stock were exchanged, compared to its average volume of 23,336,961. The firm has a market capitalization of $128.02 billion, a price-to-earnings ratio of 20.61 and a beta of 1.35. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The firm has a 50-day moving average price of $111.39 and a two-hundred day moving average price of $97.01.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to analysts' expectations 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 business posted $0.62 EPS. Analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MU shares. Needham & Company LLC raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Rosenblatt Securities raised 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. Wedbush raised their price objective on shares of Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Barclays raised their price objective on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Morgan Stanley raised their price objective on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $146.44.

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.