Occidental Asset Management LLC Purchases 1,569 Shares of Micron Technology, Inc. (NASDAQ:MU)

by · The Markets Daily

Occidental Asset Management LLC raised its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 65.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,960 shares of the semiconductor manufacturer’s stock after buying an additional 1,569 shares during the period. Occidental Asset Management LLC’s holdings in Micron Technology were worth $411,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of MU. Clearbridge Investments LLC grew its position in shares of Micron Technology by 1.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after acquiring an additional 20,741 shares during the period. Chapin Davis Inc. bought a new position in Micron Technology during the second quarter valued at $4,056,000. Handelsbanken Fonder AB increased its position in Micron Technology by 2.4% in the third quarter. Handelsbanken Fonder AB now owns 434,596 shares of the semiconductor manufacturer’s stock worth $45,072,000 after buying an additional 9,992 shares during the last quarter. Norden Group LLC raised its stake in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after buying an additional 47,648 shares during the period. Finally, Gulf International Bank UK Ltd lifted its position in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after buying an additional 5,958 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 3.7 %

Shares of NASDAQ MU opened at $104.32 on Wednesday. The stock has a market capitalization of $115.67 billion, a P/E ratio of -73.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a one year low of $63.88 and a one year high of $157.54. The firm’s 50 day simple moving average is $97.43 and its two-hundred day simple moving average is $114.68.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter last year, the company earned ($1.21) EPS. The firm’s revenue was up 93.3% compared to the same quarter last year. As a group, analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be given a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.44%. Micron Technology’s payout ratio is currently -32.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Rosenblatt Securities upped their price target on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Wolfe Research increased their target price on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Finally, TD Cowen lifted their price target on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.85.

Get Our Latest Report on Micron Technology

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Micron Technology Company Profile

(Free Report)

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.

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