Wealthfront Advisers LLC Grows Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Wealthfront Advisers LLC boosted its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 20.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 108,405 shares of the semiconductor manufacturer's stock after acquiring an additional 18,389 shares during the period. Wealthfront Advisers LLC's holdings in Micron Technology were worth $9,419,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC Private Wealth Group LLC raised its holdings in shares of Micron Technology by 43.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after buying an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. raised its holdings in shares of Micron Technology by 167.0% in the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after buying an additional 28,621 shares during the last quarter. Duquesne Family Office LLC purchased a new position in shares of Micron Technology in the fourth quarter worth $34,412,000. Janus Henderson Group PLC raised its holdings in shares of Micron Technology by 74.6% in the fourth quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock worth $222,779,000 after buying an additional 1,130,680 shares during the last quarter. Finally, Mission Wealth Management LP raised its holdings in shares of Micron Technology by 195.2% in the first quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock worth $1,360,000 after buying an additional 10,348 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Trading Down 3.1%

Shares of NASDAQ MU traded down $3.68 during midday trading on Wednesday, reaching $116.43. 30,549,906 shares of the stock were exchanged, compared to its average volume of 23,334,652. The company has a 50 day simple moving average of $109.59 and a 200 day simple moving average of $96.39. The stock has a market capitalization of $130.30 billion, a P/E ratio of 20.98 and a beta of 1.35. 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, Inc. has a twelve month low of $61.54 and a twelve month high of $130.97.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the firm earned $0.62 EPS. As a group, equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

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

Insider Activity

In related news, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,446 shares of company stock worth $31,154,717 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MU. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. KeyCorp raised their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Susquehanna raised their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. Stifel Nicolaus raised their target price on shares of Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Finally, Robert W. Baird raised their target price on shares of Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.