Moran Wealth Management LLC Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Moran Wealth Management LLC cut its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 32.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,474 shares of the semiconductor manufacturer’s stock after selling 15,222 shares during the period. Moran Wealth Management LLC’s holdings in Micron Technology were worth $2,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Micron Technology by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock worth $8,403,982,000 after purchasing an additional 888,087 shares during the period. FMR LLC lifted its stake in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the last quarter. Capital World Investors lifted its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock valued at $2,052,973,000 after buying an additional 726,282 shares during the period. Finally, Norges Bank bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $1,470,875,000. 80.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MU. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Barclays decreased their target price on Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Wells Fargo & Company raised shares of Micron Technology from a “hold” rating to a “strong-buy” rating and raised their price target for the stock from $130.00 to $150.00 in a research note on Friday, June 20th. Finally, Mizuho lifted their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $126.75.

Micron Technology Trading Down 0.5%

MU opened at $127.25 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The firm has a market cap of $142.21 billion, a price-to-earnings ratio of 30.52 and a beta of 1.28. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $144.07. The stock has a fifty day moving average price of $96.45 and a 200-day moving average price of $93.89.

Micron Technology (NASDAQ:MU) last announced 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 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 14.92% and a return on equity of 10.87%. During the same period in the previous year, the company posted $0.62 earnings per share. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 5,210 shares of the company’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total transaction of $632,233.50. Following the transaction, the chief executive officer now owns 379,675 shares in the company, valued at $46,073,561.25. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now directly owns 24,954 shares of the company’s stock, valued at $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,404 shares of company stock valued at $4,130,167. 0.30% of the stock is currently owned by insiders.

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.