Envestnet Asset Management Inc. Sells 64,075 Shares of Micron Technology, Inc. (NASDAQ:MU)

Envestnet Asset Management Inc. cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 7.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 815,918 shares of the semiconductor manufacturer’s stock after selling 64,075 shares during the quarter. Envestnet Asset Management Inc. owned 0.07% of Micron Technology worth $107,318,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Tidemark LLC bought a new position in Micron Technology in the 4th quarter valued at about $25,000. DecisionPoint Financial LLC acquired a new position in Micron Technology during the first quarter valued at approximately $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the fourth quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the 2nd quarter valued at $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology in the 4th quarter valued at $29,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 4.4 %

Shares of MU stock opened at $87.18 on Tuesday. Micron Technology, Inc. has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a 50 day simple moving average of $103.31 and a two-hundred day simple moving average of $115.01. The company has a market cap of $96.67 billion, a P/E ratio of -61.39 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The company 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 7.20% and a negative return on equity of 4.01%. Micron Technology’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.57) EPS. Research analysts forecast that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.53%. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MU has been the topic of several research analyst reports. Mizuho raised their price objective on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Cantor Fitzgerald lifted their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, June 17th. UBS Group lowered their price objective on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. The Goldman Sachs Group raised their target price on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Finally, TD Cowen upped their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $150.77.

Micron Technology Company 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.