First Washington CORP Buys New Stake in Micron Technology, Inc. (NASDAQ:MU)

by · The Markets Daily

First Washington CORP bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 40,598 shares of the semiconductor manufacturer’s stock, valued at approximately $5,340,000. Micron Technology comprises 2.0% of First Washington CORP’s portfolio, making the stock its 18th largest position.

A number of other hedge funds also recently bought and sold shares of MU. Hobbs Group Advisors LLC bought a new position in Micron Technology during the second quarter worth $28,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology during the first quarter valued at about $25,000. Valued Wealth Advisors LLC lifted its stake in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the period. Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 144 shares in the last quarter. Finally, LRI Investments LLC increased its stake in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MU shares. JPMorgan Chase & Co. lifted their price objective on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Morgan Stanley decreased their price target on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Monday. UBS Group dropped their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. Finally, TD Cowen upped their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $149.12.

Read Our Latest Research Report on Micron Technology

Micron Technology Price Performance

Shares of MU stock opened at $88.73 on Wednesday. The firm has a market cap of $98.39 billion, a price-to-earnings ratio of -62.49 and a beta of 1.17. Micron Technology, Inc. has a 12 month low of $63.83 and a 12 month high of $157.54. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average price of $102.46 and a 200 day moving average price of $114.96.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the company earned ($1.57) EPS. Micron Technology’s revenue was up 81.5% on a year-over-year basis. Research analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Micron Technology 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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