State of Michigan Retirement System Purchases 1,800 Shares of Micron Technology, Inc. (NASDAQ:MU)

State of Michigan Retirement System lifted its position in Micron Technology, Inc. (NASDAQ:MU) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 302,442 shares of the semiconductor manufacturer’s stock after buying an additional 1,800 shares during the period. State of Michigan Retirement System’s holdings in Micron Technology were worth $35,655,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Micron Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 94,984,775 shares of the semiconductor manufacturer’s stock worth $8,106,001,000 after buying an additional 755,588 shares during the last quarter. Sanders Capital LLC raised its holdings in shares of Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. Wellington Management Group LLP lifted its position in Micron Technology by 43.4% during the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the period. Morgan Stanley boosted its holdings in Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. Finally, Capital International Investors grew its position in Micron Technology by 2.3% in the 4th quarter. Capital International Investors now owns 15,905,621 shares of the semiconductor manufacturer’s stock worth $1,357,392,000 after purchasing an additional 363,902 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MU. Wolfe Research upped their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Bank of America upped their target price on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Morgan Stanley lifted their price target on shares of Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, June 24th. Stifel Nicolaus upped their price objective on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, KeyCorp lifted their target price on Micron Technology from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $158.52.

Micron Technology Trading Up 0.8 %

Micron Technology stock traded up $1.07 during mid-day trading on Tuesday, hitting $132.59. The company’s stock had a trading volume of 20,755,562 shares, compared to its average volume of 20,763,506. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The company has a 50 day moving average of $128.51 and a 200-day moving average of $106.81. Micron Technology, Inc. has a one year low of $60.50 and a one year high of $157.54. The stock has a market cap of $147.02 billion, a PE ratio of -93.20 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.57) EPS. On average, research analysts anticipate that Micron Technology, Inc. will post 0.39 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 302,730 shares of company stock valued at $37,771,649. Company insiders own 0.32% of the company’s stock.

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.