Wedge Capital Management L L P NC Buys Shares of 2,221 Micron Technology, Inc. $MU

Key Points

• Wedge Capital Management acquired a new stake in Micron Technology, purchasing 2,221 shares valued at approximately $274,000 in the second quarter.
• Several analysts have raised their price targets for Micron Technology, with predictions ranging from $150 to $200, indicating a generally positive outlook for the stock.
• Insider trading reports show significant sales, including CFO Mark J. Murphy selling 34,000 shares, leading to an 11.41% decrease in his holdings, while insiders have sold a total of 255,946 shares in the last 90 days.

Wedge Capital Management L L P NC bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,221 shares of the semiconductor manufacturer's stock, valued at approximately $274,000.

Other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology during the 1st quarter valued at $33,000. AllSquare Wealth Management LLC raised its holdings in shares of Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Micron Technology during the 1st quarter valued at $36,000. Roxbury Financial LLC raised its holdings in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. Finally, Harbor Investment Advisory LLC raised its holdings in shares of Micron Technology by 240.0% during the 1st quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MU shares. Raymond James Financial raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Barclays raised their price target on shares of Micron Technology from $140.00 to $175.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Susquehanna raised their price target on shares of Micron Technology from $160.00 to $200.00 and gave the company a "positive" rating in a report on Wednesday, September 17th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Micron Technology from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Finally, Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Micron Technology presently has a consensus rating of "Moderate Buy" and an average price target of $165.54.

Insider Buying and Selling at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction dated 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 sale, the chief financial officer directly owned 264,036 shares in the company, valued at approximately $28,864,415.52. The trade was a 11.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total transaction of $278,070.68. Following the sale, the director owned 20,146 shares in the company, valued at approximately $2,330,287.82. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 255,946 shares of company stock valued at $32,306,159 in the last 90 days. Insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $166.41 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The firm's 50-day simple moving average is $125.66 and its 200-day simple moving average is $106.69. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $170.45. The firm has a market cap of $186.23 billion, a P/E ratio of 29.98 and a beta of 1.47.

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, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same period in the previous year, the business earned $0.62 EPS. As a group, research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

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.

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