Icon Wealth Advisors LLC Takes $18.04 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Icon Wealth Advisors LLC bought a new position in Micron Technology, Inc. (NASDAQ:MU) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 173,904 shares of the semiconductor manufacturer’s stock, valued at approximately $18,036,000. Micron Technology comprises approximately 0.7% of Icon Wealth Advisors LLC’s portfolio, making the stock its 18th largest position.

Other institutional investors have also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in shares of Micron Technology by 2.8% in the 1st quarter. Bessemer Group Inc. now owns 12,635 shares of the semiconductor manufacturer’s stock worth $1,489,000 after purchasing an additional 340 shares during the period. EntryPoint Capital LLC acquired a new position in Micron Technology during the first quarter valued at approximately $41,000. CreativeOne Wealth LLC raised its stake in shares of Micron Technology by 22.3% in the 1st quarter. CreativeOne Wealth LLC now owns 4,857 shares of the semiconductor manufacturer’s stock valued at $573,000 after acquiring an additional 886 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Micron Technology by 16.5% during the 1st quarter. EP Wealth Advisors LLC now owns 11,662 shares of the semiconductor manufacturer’s stock valued at $1,375,000 after acquiring an additional 1,648 shares in the last quarter. Finally, Axxcess Wealth Management LLC boosted its position in Micron Technology by 255.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 12,767 shares of the semiconductor manufacturer’s stock worth $1,505,000 after purchasing an additional 9,171 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MU shares. China Renaissance initiated coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target for the company. KeyCorp lowered their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Wells Fargo & Company cut their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. UBS Group lowered their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, TD Cowen boosted their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Up 4.1 %

MU stock opened at $102.43 on Friday. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm’s 50-day simple moving average is $102.23 and its 200 day simple moving average is $112.35. The stock has a market cap of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.21) earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

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.