Investment Partners Asset Management Inc. Cuts Stake in Micron Technology, Inc. (NASDAQ:MU)

Investment Partners Asset Management Inc. lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,385 shares of the semiconductor manufacturer’s stock after selling 169 shares during the period. Investment Partners Asset Management Inc.’s holdings in Micron Technology were worth $635,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of MU. Tidemark LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $29,000. VisionPoint Advisory Group LLC increased its position in shares of Micron Technology by 68.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 198 shares during the last quarter. Finally, Riverview Trust Co purchased a new stake in shares of Micron Technology in the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. KeyCorp increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday. Wolfe Research increased their price target on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. The Goldman Sachs Group increased their price target on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Morgan Stanley raised their target price on shares of Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Trading Down 6.6 %

Shares of Micron Technology stock traded down $9.35 during trading hours on Thursday, hitting $133.01. The company’s stock had a trading volume of 44,947,098 shares, compared to its average volume of 20,409,279. Micron Technology, Inc. has a 1-year low of $60.50 and a 1-year high of $157.54. The business has a fifty day moving average of $127.16 and a 200 day moving average of $105.52. The company has a market capitalization of $147.29 billion, a PE ratio of -38.28 and a beta of 1.21. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue was up 81.5% on a year-over-year basis. During the same period last year, the business earned ($1.57) EPS. As a group, equities analysts forecast that Micron Technology, Inc. will post 0.35 EPS for the current year.

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $109,496,781.72. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the transaction, the executive vice president now owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is currently owned by insiders.

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.