Ritholtz Wealth Management Raises Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Ritholtz Wealth Management boosted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 6.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 21,094 shares of the semiconductor manufacturer’s stock after buying an additional 1,219 shares during the period. Ritholtz Wealth Management’s holdings in Micron Technology were worth $1,833,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock valued at $532,000 after purchasing an additional 976 shares in the last quarter. Valeo Financial Advisors LLC grew its position in shares of Micron Technology by 4.9% during the fourth quarter. Valeo Financial Advisors LLC now owns 10,061 shares of the semiconductor manufacturer’s stock valued at $847,000 after purchasing an additional 472 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in shares of Micron Technology by 19.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer’s stock valued at $7,214,000 after purchasing an additional 13,985 shares in the last quarter. Beacon Capital Management LLC grew 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 valued at $31,000 after purchasing an additional 200 shares in the last quarter. Finally, Everhart Financial Group Inc. grew its position in shares of Micron Technology by 6.1% during the fourth quarter. Everhart Financial Group Inc. now owns 5,356 shares of the semiconductor manufacturer’s stock valued at $451,000 after purchasing an additional 307 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research analyst reports. Barclays cut their price objective 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. Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Mizuho lifted their price target on Micron Technology from $124.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. Finally, Morgan Stanley dropped their price target on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.00.

Micron Technology Stock Up 3.7%

Shares of NASDAQ MU opened at $119.84 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company has a market cap of $133.93 billion, a P/E ratio of 34.54 and a beta of 1.28. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.54. The firm has a 50-day simple moving average of $89.28 and a two-hundred day simple moving average of $92.68.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm 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 posted $0.42 earnings per share. The company’s revenue was up 38.2% on a year-over-year basis. Research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio is presently 11.03%.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology 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 transaction, the director now directly owns 24,954 shares of the company’s stock, valued at $1,996,320. This trade represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,904 shares of company stock valued at $4,665,124. Corporate 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.