Townsend Asset Management Corp NC ADV Buys New Stake in Micron Technology, Inc. $MU

Key Points

• Townsend Asset Management Corp NC ADV has acquired a new stake in Micron Technology, purchasing 2,150 shares valued at roughly $265,000.
• Micron Technology reported $1.91 EPS for the last quarter, exceeding analyst expectations, with a revenue of $9.30 billion.
• The company has declared a quarterly dividend of $0.115 per share, amounting to an annualized dividend of $0.46 and a yield of 0.3%.

Townsend Asset Management Corp NC ADV bought a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,150 shares of the semiconductor manufacturer's stock, valued at approximately $265,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. ORG Partners LLC lifted its stake in Micron Technology by 109.3% in the 2nd quarter. ORG Partners LLC now owns 517 shares of the semiconductor manufacturer's stock valued at $62,000 after buying an additional 270 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Micron Technology by 11.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 162,527 shares of the semiconductor manufacturer's stock worth $20,031,000 after purchasing an additional 17,040 shares during the period. PFS Partners LLC lifted its stake in shares of Micron Technology by 128.3% during the 2nd quarter. PFS Partners LLC now owns 6,213 shares of the semiconductor manufacturer's stock worth $766,000 after purchasing an additional 3,492 shares during the period. BOS Asset Management LLC purchased a new position in shares of Micron Technology during the 2nd quarter worth $580,000. Finally, Five Oceans Advisors purchased a new position in shares of Micron Technology during the 2nd quarter worth $213,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

Shares of MU stock opened at $157.27 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.52. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $170.45. The company's 50-day simple moving average is $128.30 and its 200-day simple moving average is $108.02. The stock has a market capitalization of $176.00 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 0.40 and a beta of 1.47.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.21%. The business had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter last year, the company posted $0.62 earnings per share. Equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is presently 6.06%.

Insider Activity at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,308 shares of company stock worth $19,804,967. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Robert W. Baird upped their price objective on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Deutsche Bank Aktiengesellschaft increased their price target on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday. The Goldman Sachs Group increased their price target on Micron Technology from $130.00 to $145.00 and gave the company a "neutral" rating in a report on Wednesday. Bank of America increased their price target on Micron Technology from $140.00 to $180.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Susquehanna raised their target price on Micron Technology from $160.00 to $200.00 and gave the company a "positive" rating in a research note on Wednesday, September 17th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $184.77.

Micron Technology 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.

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