Employees Retirement System of Texas boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 12.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 746,800 shares of the semiconductor manufacturer’s stock after buying an additional 79,717 shares during the period. Employees Retirement System of Texas owned approximately 0.07% of Micron Technology worth $47,131,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its position in Micron Technology by 6.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 343,618 shares of the semiconductor manufacturer’s stock valued at $21,686,000 after buying an additional 21,174 shares during the last quarter. Profund Advisors LLC increased its position in shares of Micron Technology by 14.6% during the second quarter. Profund Advisors LLC now owns 114,071 shares of the semiconductor manufacturer’s stock valued at $7,199,000 after acquiring an additional 14,536 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Micron Technology in the second quarter worth $1,672,000. Commonwealth Equity Services LLC raised its stake in shares of Micron Technology by 49.0% in the second quarter. Commonwealth Equity Services LLC now owns 365,508 shares of the semiconductor manufacturer’s stock valued at $23,067,000 after buying an additional 120,202 shares during the period. Finally, Southeast Asset Advisors Inc. lifted its position in shares of Micron Technology by 12.4% during the 2nd quarter. Southeast Asset Advisors Inc. now owns 7,257 shares of the semiconductor manufacturer’s stock valued at $458,000 after buying an additional 800 shares during the last quarter. 79.25% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the company. Mizuho lifted their target price on Micron Technology from $72.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, September 21st. Wedbush restated an “outperform” rating and set a $80.00 price target on shares of Micron Technology in a research report on Thursday, September 21st. The Goldman Sachs Group lifted their price objective on Micron Technology from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, September 19th. Deutsche Bank Aktiengesellschaft raised Micron Technology from a “hold” rating to a “buy” rating and raised their price target for the company from $65.00 to $85.00 in a report on Monday, September 18th. Finally, Citigroup reaffirmed a “buy” rating and issued a $85.00 target price on shares of Micron Technology in a research note on Thursday, September 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.75.
Micron Technology Stock Down 2.6 %
Micron Technology stock traded down $2.06 during mid-day trading on Tuesday, hitting $76.56. The company had a trading volume of 3,568,096 shares, compared to its average volume of 15,191,592. Micron Technology, Inc. has a 12 month low of $48.43 and a 12 month high of $78.90. The company has a market capitalization of $84.07 billion, a PE ratio of -14.72 and a beta of 1.30. The stock’s 50 day moving average price is $70.14 and its two-hundred day moving average price is $67.71. The company has a current ratio of 4.46, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30.
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.08. The company had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Micron Technology had a negative net margin of 37.53% and a negative return on equity of 11.65%. Micron Technology’s revenue was down 39.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.36 EPS. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post -2.52 earnings per share for the current fiscal year.
Micron Technology Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, October 10th were issued a $0.115 dividend. The ex-dividend date was Friday, October 6th. This represents a $0.46 dividend on an annualized basis and a yield of 0.60%. Micron Technology’s payout ratio is currently -8.61%.
Insider Activity at Micron Technology
In related news, EVP April S. Arnzen sold 3,508 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $69.71, for a total transaction of $244,542.68. Following the sale, the executive vice president now directly owns 155,352 shares of the company’s stock, valued at $10,829,587.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Micron Technology news, EVP April S. Arnzen sold 3,508 shares of Micron Technology stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $69.71, for a total value of $244,542.68. Following the completion of the sale, the executive vice president now owns 155,352 shares of the company’s stock, valued at approximately $10,829,587.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $66.26, for a total transaction of $463,820.00. Following the sale, the chief executive officer now owns 582,862 shares in the company, valued at approximately $38,620,436.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 141,390 shares of company stock valued at $9,954,223. 0.33% of the stock is owned by corporate insiders.
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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