Occidental Asset Management LLC Invests $252,000 in Micron Technology, Inc. (NASDAQ:MU)

Occidental Asset Management LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,140 shares of the semiconductor manufacturer’s stock, valued at approximately $252,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Micron Technology by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock valued at $8,106,001,000 after purchasing an additional 755,588 shares during the last quarter. Sanders Capital LLC increased its holdings in Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Micron Technology by 43.4% in the third 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. Morgan Stanley increased its holdings in shares of Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after acquiring an additional 2,852,688 shares in the last quarter. Finally, Capital International Investors increased its holdings in shares of Micron Technology by 2.3% in the fourth quarter. Capital International Investors now owns 15,905,621 shares of the semiconductor manufacturer’s stock worth $1,357,392,000 after acquiring an additional 363,902 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 304,840 shares of company stock worth $37,961,924. Company insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

MU opened at $131.53 on Friday. Micron Technology, Inc. has a 12-month low of $60.50 and a 12-month high of $157.54. The business has a 50 day moving average of $128.07 and a 200-day moving average of $106.28. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same period last year, the firm posted ($1.57) earnings per share. The business’s revenue was up 81.5% on a year-over-year basis. As a group, research analysts predict that Micron Technology, Inc. will post 0.39 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MU. JPMorgan Chase & Co. increased their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday. Citigroup increased their price target on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Bank of America increased their price target on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, June 17th. TD Cowen increased their price target on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $158.52.

About Micron Technology

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.