Independent Solutions Wealth Management LLC Trims Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Independent Solutions Wealth Management LLC cut its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 5.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,885 shares of the semiconductor manufacturer’s stock after selling 178 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Micron Technology were worth $251,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MU. Global Assets Advisory LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $423,000. Fourth Dimension Wealth LLC raised its holdings in shares of Micron Technology by 9.6% in the 1st quarter. Fourth Dimension Wealth LLC now owns 1,720 shares of the semiconductor manufacturer’s stock worth $149,000 after purchasing an additional 150 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $12,767,000. Cornerstone Wealth Group LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $212,000. Finally, Navis Wealth Advisors LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $279,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 3,562 shares of Micron Technology stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.46, for a total value of $393,458.52. Following the completion of the transaction, the chief executive officer now owns 391,113 shares in the company, valued at approximately $43,202,341.98. This trade represents a 0.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. This represents a 8.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,404 shares of company stock worth $4,130,167. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a report on Wednesday, March 19th. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and raised their price objective for the stock from $130.00 to $150.00 in a report on Friday, June 20th. Citigroup raised their target price on Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a report on Monday, June 9th. Finally, Wedbush raised their target price on Micron Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Friday, June 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $126.75.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $127.25 on Thursday. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $144.07. The business has a 50 day moving average price of $96.45 and a two-hundred day moving average price of $93.89. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. The firm has a market cap of $142.21 billion, a PE ratio of 30.52 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. During the same quarter last year, the firm earned $0.62 EPS. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

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.