Wallington Asset Management LLC Has $5.20 Million Stock Holdings in Micron Technology, Inc. $MU

Wallington Asset Management LLC increased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,214 shares of the semiconductor manufacturer’s stock after buying an additional 606 shares during the quarter. Wallington Asset Management LLC’s holdings in Micron Technology were worth $5,203,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Micron Technology during the first quarter worth about $33,000. AllSquare Wealth Management LLC boosted its holdings in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Micron Technology during the first quarter valued at approximately $36,000. Hilltop National Bank acquired a new stake in Micron Technology during the second quarter valued at approximately $37,000. Finally, Saudi Central Bank acquired a new stake in Micron Technology during the first quarter valued at approximately $38,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Up 2.2%

Shares of MU opened at $187.83 on Friday. The company has a market capitalization of $210.20 billion, a P/E ratio of 24.75, a PEG ratio of 0.40 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $191.85. The business’s 50 day simple moving average is $134.89 and its 200-day simple moving average is $110.70.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s payout ratio is presently 6.06%.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total value of $2,712,900.00. Following the completion of the transaction, the chief executive officer owned 310,148 shares in the company, valued at $56,093,367.28. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the transaction, the chief financial officer owned 264,036 shares of the company’s stock, valued at $28,864,415.52. This trade represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,456 shares of company stock worth $15,698,445 over the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MU. Bank of America lifted their price objective on Micron Technology from $140.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, September 24th. Mizuho lifted their price objective on Micron Technology from $182.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, September 24th. TD Cowen lifted their price objective on Micron Technology from $150.00 to $180.00 and gave the company a “buy” rating in a report on Friday, September 19th. Wall Street Zen downgraded Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, KGI Securities raised Micron Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.77.

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.