Morse Asset Management Inc Sells 5,176 Shares of Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 9.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 52,220 shares of the semiconductor manufacturer’s stock after selling 5,176 shares during the period. Morse Asset Management Inc’s holdings in Micron Technology were worth $4,537,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Elyxium Wealth LLC increased its position in shares of Micron Technology by 59.6% during the 1st quarter. Elyxium Wealth LLC now owns 5,153 shares of the semiconductor manufacturer’s stock worth $448,000 after purchasing an additional 1,925 shares in the last quarter. 1ST Source Bank acquired a new stake in shares of Micron Technology during the 1st quarter worth about $204,000. Berkeley Capital Partners LLC increased its position in shares of Micron Technology by 10.4% during the 1st quarter. Berkeley Capital Partners LLC now owns 3,475 shares of the semiconductor manufacturer’s stock worth $302,000 after purchasing an additional 326 shares in the last quarter. AustralianSuper Pty Ltd increased its position in shares of Micron Technology by 16.7% during the 1st quarter. AustralianSuper Pty Ltd now owns 12,095 shares of the semiconductor manufacturer’s stock worth $1,051,000 after purchasing an additional 1,728 shares in the last quarter. Finally, Calton & Associates Inc. acquired a new stake in shares of Micron Technology during the 1st quarter worth about $247,000. 80.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the sale, the executive vice president directly owned 148,167 shares of the company’s stock, valued at $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the firm’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 transaction, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. The trade was a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,446 shares of company stock valued at $31,154,717 in the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Micron Technology Stock Up 1.0%

Shares of NASDAQ MU opened at $114.39 on Friday. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $128.02 billion, a price-to-earnings ratio of 20.61 and a beta of 1.35. The business has a 50-day moving average of $111.39 and a 200-day moving average of $97.01.

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

Micron Technology Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wedbush raised their price objective on shares of Micron Technology from $150.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, June 26th. Wells Fargo & Company lifted their price target on shares of Micron Technology from $150.00 to $170.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Wall Street Zen upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Raymond James Financial lifted their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, June 26th. Finally, Citigroup lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.