Sound View Wealth Advisors Group LLC Purchases 3,209 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Sound View Wealth Advisors Group LLC has increased its stake in Micron Technology by 20.1%, now holding 19,208 shares valued at approximately $1,669,000.
• Analysts have raised their price targets for Micron Technology, with Morgan Stanley setting a new target of $135 and Deutsche Bank initiating coverage with a target of $150.
• Micron Technology reported strong earnings, with an EPS of $1.91, exceeding expectations of $1.57, and achieved revenue of $9.30 billion for the quarter.

Sound View Wealth Advisors Group LLC boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 20.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,208 shares of the semiconductor manufacturer's stock after buying an additional 3,209 shares during the quarter. Sound View Wealth Advisors Group LLC's holdings in Micron Technology were worth $1,669,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter worth $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology during the first quarter worth about $33,000. AllSquare Wealth Management LLC grew its position in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology during the first quarter worth about $36,000. Finally, Hurley Capital LLC acquired a new position in Micron Technology during the fourth quarter worth about $37,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 3.9%

MU traded down $4.26 on Friday, hitting $104.88. 23,950,731 shares of the company were exchanged, compared to its average volume of 20,928,238. The stock has a market capitalization of $117.37 billion, a PE ratio of 18.90 and a beta of 1.37. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The firm has a fifty day simple moving average of $114.36 and a two-hundred day simple moving average of $97.99. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75.

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, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during 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 quarter last year, the business posted $0.62 EPS. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

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

Insider Buying and Selling

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 value of $291,557.12. Following the completion of the transaction, the director owned 22,550 shares of the company's stock, valued at $2,734,864. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock valued at $34,679,277 over the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MU has been the topic of a number of research reports. Bank of America raised their target price on shares of Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, June 26th. UBS Group raised their price target on shares of Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Robert W. Baird lifted their price objective on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Finally, Morgan Stanley lifted their price objective on shares of Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

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.