Blankinship & Foster LLC Takes $19.95 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Blankinship & Foster LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the third quarter, Holdings Channel reports. The firm purchased 192,350 shares of the semiconductor manufacturer’s stock, valued at approximately $19,949,000. Micron Technology makes up approximately 3.3% of Blankinship & Foster LLC’s holdings, making the stock its 7th biggest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Micron Technology during the 2nd quarter worth $28,000. Davis Capital Management bought a new stake in shares of Micron Technology during the 3rd quarter worth $30,000. True Wealth Design LLC boosted its stake in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares in the last quarter. Finally, Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 1.5 %

Shares of NASDAQ:MU traded down $1.51 during midday trading on Thursday, reaching $100.55. The company’s stock had a trading volume of 1,717,011 shares, compared to its average volume of 21,217,008. The firm has a 50 day moving average price of $103.64 and a two-hundred day moving average price of $109.95. Micron Technology, Inc. has a fifty-two week low of $78.03 and a fifty-two week high of $157.54. The firm has a market capitalization of $112.02 billion, a price-to-earnings ratio of 150.08 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s quarterly revenue was up 93.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.21) EPS. As a group, analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MU shares. Morgan Stanley raised their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. China Renaissance began coverage on shares of Micron Technology in a research report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price on the stock. Citigroup lowered their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Wedbush reiterated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Finally, Raymond James boosted their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.30% of the company’s stock.

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.