New Mexico Educational Retirement Board Raises Holdings in Micron Technology, Inc. (NASDAQ:MU)

New Mexico Educational Retirement Board grew its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 14.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 65,075 shares of the semiconductor manufacturer’s stock after buying an additional 8,100 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Micron Technology were worth $7,672,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tidemark LLC purchased a new position in shares of Micron Technology during the fourth quarter worth about $25,000. Pingora Partners LLC acquired a new stake in Micron Technology in the fourth quarter valued at about $26,000. Riverview Trust Co acquired a new stake in Micron Technology in the first quarter valued at about $39,000. Frank Rimerman Advisors LLC acquired a new stake in Micron Technology in the fourth quarter valued at about $29,000. Finally, VisionPoint Advisory Group LLC lifted its position in Micron Technology by 68.3% in the third quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 198 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 0.5 %

Shares of Micron Technology stock traded down $0.70 during trading on Friday, reaching $131.53. The company had a trading volume of 38,140,587 shares, compared to its average volume of 26,317,870. The company has a market cap of $145.65 billion, a price-to-earnings ratio of -92.63 and a beta of 1.21. The firm’s fifty day moving average is $128.07 and its 200-day moving average is $106.28. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.40 and a current ratio of 3.41. Micron Technology, Inc. has a fifty-two week low of $60.50 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.57) EPS. On average, analysts anticipate that Micron Technology, Inc. will post 0.39 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be paid a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Wall Street Analyst Weigh In

MU has been the subject of a number of research reports. KeyCorp lifted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup lifted their price target on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, June 24th. UBS Group reduced their price target on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday. Rosenblatt Securities reissued a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a research note on Tuesday, June 25th. Finally, The Goldman Sachs Group raised their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the transaction, the chief executive officer now owns 743,557 shares in the company, valued at approximately $90,780,874.13. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The disclosure for this sale can be found here. Insiders sold a total of 304,840 shares of company stock valued at $37,961,924 in the last quarter. Insiders own 0.32% of the company’s stock.

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.