Investment Partners Asset Management Inc. Decreases Position in Micron Technology, Inc. (NASDAQ:MU)

Investment Partners Asset Management Inc. reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,108 shares of the semiconductor manufacturer’s stock after selling 263 shares during the quarter. Investment Partners Asset Management Inc.’s holdings in Micron Technology were worth $444,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Mainsail Financial Group LLC increased its stake in Micron Technology by 10.4% during the 1st quarter. Mainsail Financial Group LLC now owns 15,864 shares of the semiconductor manufacturer’s stock worth $1,378,000 after buying an additional 1,491 shares during the period. CX Institutional boosted its position in Micron Technology by 15.0% in the 1st quarter. CX Institutional now owns 7,854 shares of the semiconductor manufacturer’s stock valued at $682,000 after buying an additional 1,027 shares during the last quarter. Integrated Advisors Network LLC boosted its position in Micron Technology by 17.9% in the 1st quarter. Integrated Advisors Network LLC now owns 5,816 shares of the semiconductor manufacturer’s stock valued at $505,000 after buying an additional 882 shares during the last quarter. Petredis Investment Advisors LLC grew its stake in shares of Micron Technology by 108.2% during the first quarter. Petredis Investment Advisors LLC now owns 79,799 shares of the semiconductor manufacturer’s stock valued at $6,934,000 after acquiring an additional 41,468 shares in the last quarter. Finally, Sanibel Captiva Trust Company Inc. grew its stake in shares of Micron Technology by 67.8% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 39,997 shares of the semiconductor manufacturer’s stock valued at $3,475,000 after acquiring an additional 16,161 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on MU shares. Barclays reduced their target price on Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. UBS Group upped their price target on shares of Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 5th. Wall Street Zen lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Robert W. Baird boosted their target price on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Finally, Wells Fargo & Company restated an “equal weight” rating on shares of Micron Technology in a research note on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $129.00.

Micron Technology Trading Up 2.9%

Shares of NASDAQ:MU opened at $114.14 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average price is $85.21 and its 200 day moving average price is $92.26. The company has a market cap of $127.56 billion, a PE ratio of 32.89 and a beta of 1.28. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the sale, the director now directly owns 24,954 shares in the company, valued at approximately $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 3,938 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $110.88, for a total transaction of $436,645.44. Following the completion of the sale, the chief executive officer now directly owns 387,175 shares of the company’s stock, valued at $42,929,964. The trade was a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,904 shares of company stock valued at $4,665,124. Company insiders own 0.30% of the company’s stock.

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.