Marcum Wealth LLC Trims Stake in Micron Technology, Inc. (NASDAQ:MU)

Marcum Wealth LLC reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 9.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 5,066 shares of the semiconductor manufacturer’s stock after selling 507 shares during the period. Marcum Wealth LLC’s holdings in Micron Technology were worth $597,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Micron Technology during the fourth quarter valued at about $769,372,000. Wellington Management Group LLP grew its holdings in Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after purchasing an additional 5,257,201 shares during the period. Morgan Stanley grew its holdings in Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after purchasing an additional 2,852,688 shares during the period. California Public Employees Retirement System grew its holdings in Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares during the period. Finally, Phoenix Holdings Ltd. grew its holdings in Micron Technology by 8,336.6% in the third quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock worth $117,762,000 after purchasing an additional 1,753,262 shares during the period. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $139.54 on Friday. Micron Technology, Inc. has a 52 week low of $60.50 and a 52 week high of $157.54. The stock has a market capitalization of $154.52 billion, a P/E ratio of -40.45 and a beta of 1.21. The firm has a fifty day simple moving average of $125.90 and a two-hundred day simple moving average of $103.91. 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 earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.35 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 57.7% on a year-over-year basis. During the same quarter last year, the business earned ($2.03) EPS. On average, analysts expect that Micron Technology, Inc. will post 0.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

MU has been the topic of a number of recent research reports. Stifel Nicolaus upped their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a report on Thursday, March 21st. Citigroup restated a “buy” rating and issued a $150.00 price objective on shares of Micron Technology in a report on Thursday, April 4th. Susquehanna increased their price target on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. Finally, TD Cowen increased their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $147.32.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the sale, the senior vice president now owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. Insiders sold 320,446 shares of company stock worth $38,724,533 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

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.