Jessup Wealth Management Inc Lowers Holdings in Micron Technology, Inc. (NASDAQ:MU)

Jessup Wealth Management Inc lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 67.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 19,950 shares of the semiconductor manufacturer’s stock after selling 40,945 shares during the period. Micron Technology comprises about 0.7% of Jessup Wealth Management Inc’s portfolio, making the stock its 26th largest holding. Jessup Wealth Management Inc’s holdings in Micron Technology were worth $1,679,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Highline Wealth Partners LLC purchased a new stake in Micron Technology during the third quarter worth $26,000. Stone House Investment Management LLC boosted its stake in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 277 shares in the last quarter. True Wealth Design LLC grew its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares during the period. DT Investment Partners LLC increased its stake in shares of Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Beacon Capital Management LLC raised its holdings in Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of recent analyst reports. China Renaissance started coverage on Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective for the company. TD Cowen cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. UBS Group decreased their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company cut their target price on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Mizuho decreased their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $134.96.

Micron Technology Trading Down 2.3 %

MU opened at $104.36 on Thursday. The stock has a market capitalization of $116.27 billion, a PE ratio of 30.07 and a beta of 1.18. Micron Technology, Inc. has a one year low of $79.15 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The business’s 50 day moving average price is $96.25 and its 200 day moving average price is $98.67.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.95) EPS. As a group, equities research analysts expect that Micron Technology, Inc. will post 6.21 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. Micron Technology’s dividend payout ratio is currently 13.26%.

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.