Waterfront Wealth Inc. Increases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Waterfront Wealth Inc. lifted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 22,417 shares of the semiconductor manufacturer’s stock after purchasing an additional 313 shares during the period. Waterfront Wealth Inc.’s holdings in Micron Technology were worth $1,913,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Micron Technology by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 94,229,187 shares of the semiconductor manufacturer’s stock worth $6,410,412,000 after acquiring an additional 305,860 shares in the last quarter. State Street Corp raised its stake in shares of Micron Technology by 2.4% during the 1st quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock worth $2,770,316,000 after acquiring an additional 1,074,820 shares in the last quarter. FMR LLC raised its stake in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after acquiring an additional 7,089,790 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Micron Technology by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock worth $1,225,181,000 after acquiring an additional 253,179 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after acquiring an additional 5,257,201 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MU. UBS Group upped their price target on shares of Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Cantor Fitzgerald upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. upped their price target on shares of Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Evercore ISI upped their price target on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, December 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Micron Technology Trading Down 4.5 %

Micron Technology stock traded down $5.44 during midday trading on Wednesday, hitting $116.33. 25,388,117 shares of the stock were exchanged, compared to its average volume of 20,300,941. Micron Technology, Inc. has a fifty-two week low of $58.03 and a fifty-two week high of $130.54. The stock has a market capitalization of $128.82 billion, a price-to-earnings ratio of -33.72 and a beta of 1.27. The stock’s 50-day simple moving average is $101.98 and its 200 day simple moving average is $86.22. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the business earned ($2.03) earnings per share. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. On average, equities analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is currently -13.33%.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the sale, the chief executive officer now directly owns 642,251 shares of the company’s stock, valued at approximately $56,139,159.91. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on 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 transaction, 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 SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $87.41, for a total transaction of $611,870.00. Following the completion of the transaction, the chief executive officer now owns 642,251 shares of the company’s stock, valued at approximately $56,139,159.91. The disclosure for this sale can be found here. Insiders have sold a total of 313,890 shares of company stock valued at $33,617,027 in the last ninety days. Company insiders own 0.32% of the company’s stock.

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.