SageView Advisory Group LLC Takes Position in Micron Technology, Inc. (NASDAQ:MU)

SageView Advisory Group LLC purchased a new stake in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,816 shares of the semiconductor manufacturer’s stock, valued at approximately $587,000.

A number of other hedge funds have also made changes to their positions in MU. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Micron Technology in the third quarter valued at $3,768,000. Envestnet Asset Management Inc. increased its position in Micron Technology by 23.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 838,814 shares of the semiconductor manufacturer’s stock worth $57,065,000 after purchasing an additional 157,676 shares in the last quarter. CenterBook Partners LP purchased a new stake in Micron Technology during the 3rd quarter worth about $1,602,000. Rathbones Group PLC purchased a new stake in Micron Technology during the 3rd quarter worth about $334,000. Finally, V Square Quantitative Management LLC purchased a new stake in Micron Technology during the 3rd quarter worth about $198,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU opened at $153.45 on Wednesday. The firm has a market capitalization of $169.93 billion, a P/E ratio of -44.48 and a beta of 1.21. Micron Technology, Inc. has a 1-year low of $60.50 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The business’s 50-day simple moving average is $124.61 and its 200-day simple moving average is $102.82.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. Micron Technology’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period in the previous year, the company posted ($2.03) EPS. Equities analysts predict that Micron Technology, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total transaction of $941,990.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total transaction of $941,990.00. Following the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $96,762,423.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the sale, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 365,446 shares of company stock valued at $43,826,633. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MU. Cantor Fitzgerald lifted their price objective on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday. Mizuho lifted their price objective on Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Citigroup reiterated a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a research report on Thursday, April 4th. Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Finally, KeyCorp lifted their price objective on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $137.92.

About Micron Technology

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.