Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 12.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 679,896 shares of the semiconductor manufacturer's stock after selling 93,878 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Micron Technology worth $57,220,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased its position in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares in the last quarter. Midwest Capital Advisors LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at about $33,000. Activest Wealth Management lifted its stake in shares of Micron Technology by 583.3% in the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in Micron Technology during the 4th quarter valued at about $34,000. Finally, Curio Wealth LLC acquired a new position in shares of Micron Technology during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Stock Up 5.9 %

Shares of MU traded up $4.13 during midday trading on Monday, hitting $73.68. The company had a trading volume of 10,922,112 shares, compared to its average volume of 23,193,836. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.54. The firm has a market capitalization of $82.34 billion, a P/E ratio of 21.23 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company's 50-day simple moving average is $90.66 and its 200-day simple moving average is $97.00.

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Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm earned $0.42 earnings per share. The firm's quarterly revenue was up 38.2% on a year-over-year basis. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.62%. Micron Technology's payout ratio is currently 11.03%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. UBS Group boosted their price target on shares of Micron Technology from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, March 17th. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Citigroup reduced their price target on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday. Bank of America lowered Micron Technology from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Piper Sandler reduced their target price on Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and a consensus target price of $129.36.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company's stock.

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.