Modera Wealth Management LLC Cuts Holdings in Micron Technology, Inc. (NASDAQ:MU)

Modera Wealth Management LLC lowered its position in Micron Technology, Inc. (NASDAQ:MU) by 13.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,004 shares of the semiconductor manufacturer’s stock after selling 643 shares during the quarter. Modera Wealth Management LLC’s holdings in Micron Technology were worth $348,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Micron Technology by 18.3% in 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 during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Micron Technology by 19.5% in 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 acquiring an additional 13,985 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Micron Technology by 43.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock worth $1,193,000 after purchasing an additional 4,264 shares in the last quarter. OneAscent Financial Services LLC lifted its holdings in shares of Micron Technology by 61.5% in the 4th quarter. OneAscent Financial Services LLC now owns 3,162 shares of the semiconductor manufacturer’s stock valued at $266,000 after purchasing an additional 1,204 shares during the last quarter. Finally, World Investment Advisors boosted its position in shares of Micron Technology by 119.3% in the 4th quarter. World Investment Advisors now owns 7,269 shares of the semiconductor manufacturer’s stock valued at $612,000 after purchasing an additional 3,954 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Down 3.9%

NASDAQ MU opened at $104.88 on Friday. The stock has a market cap of $117.37 billion, a PE ratio of 18.90 and a beta of 1.37. The business has a 50 day moving average price of $114.36 and a two-hundred day moving average price of $97.99. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology’s payout ratio is 8.29%.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the completion of the transaction, the director directly owned 22,550 shares of the company’s stock, valued at $2,734,864. This trade represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 286,042 shares of company stock valued at $34,679,277. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MU. Piper Sandler boosted their price objective on Micron Technology from $120.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, June 26th. KeyCorp upped their target price on shares of Micron Technology from $135.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, June 26th. Arete Research upgraded Micron Technology to a “strong-buy” rating in a research note on Friday, July 18th. KGI Securities downgraded Micron Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 23rd. Finally, Wall Street Zen raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average target price of $146.44.

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.