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

Occidental Asset Management LLC purchased a new position in Micron Technology, Inc. (NASDAQ:MU) during the first quarter, HoldingsChannel.com reports. The fund purchased 2,140 shares of the semiconductor manufacturer’s stock, valued at approximately $252,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock worth $8,106,001,000 after purchasing an additional 755,588 shares in the last quarter. Sanders Capital LLC boosted its position in shares of Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after purchasing an additional 503,923 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Micron Technology by 43.4% in 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 purchasing an additional 5,257,201 shares in the last quarter. Morgan Stanley boosted its position in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after purchasing an additional 2,852,688 shares in the last quarter. Finally, Capital International Investors boosted its position in shares of Micron Technology by 2.3% in the 4th quarter. Capital International Investors now owns 15,905,621 shares of the semiconductor manufacturer’s stock worth $1,357,392,000 after purchasing an additional 363,902 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were 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 directly owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 304,840 shares of company stock valued at $37,961,924. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and issued a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Stifel Nicolaus boosted their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. KeyCorp boosted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho boosted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, StockNews.com upgraded shares of Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Stock Performance

Shares of MU stock opened at $131.53 on Friday. Micron Technology, Inc. has a 1 year low of $60.50 and a 1 year high of $157.54. The firm has a fifty day moving average price of $128.07 and a 200-day moving average price of $106.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last issued 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 net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the firm posted ($1.57) EPS. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 0.39 earnings per share for the current year.

Micron Technology Announces Dividend

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

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.