Arizona State Retirement System lessened its stake in Micron Technology, Inc. (NASDAQ:MU) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 303,539 shares of the semiconductor manufacturer's stock after selling 3,667 shares during the period. Arizona State Retirement System's holdings in Micron Technology were worth $15,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Washington Trust Advisors Inc. grew its stake in shares of Micron Technology by 59.2% during the third quarter. Washington Trust Advisors Inc. now owns 551 shares of the semiconductor manufacturer's stock worth $28,000 after acquiring an additional 205 shares during the last quarter. Wagner Wealth Management LLC purchased a new stake in shares of Micron Technology during the second quarter worth about $29,000. Sound Income Strategies LLC lifted its holdings in shares of Micron Technology by 207.0% during the third quarter. Sound Income Strategies LLC now owns 706 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 476 shares during the period. Financial Management Professionals Inc. lifted its holdings in shares of Micron Technology by 44.7% during the third quarter. Financial Management Professionals Inc. now owns 689 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 213 shares during the period. Finally, Trust Co. of Vermont acquired a new stake in shares of Micron Technology during the second quarter worth about $40,000. Hedge funds and other institutional investors own 78.02% of the company's stock.
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Insider Activity
In other news, SVP Robert P. Beard sold 3,000 shares of the company's stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $61.25, for a total value of $183,750.00. Following the transaction, the senior vice president now owns 42,840 shares of the company's stock, valued at approximately $2,623,950. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.33% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have issued reports on MU shares. Needham & Company LLC boosted their price target on Micron Technology from $60.00 to $67.00 and gave the company a "buy" rating in a report on Wednesday, November 16th. Argus downgraded Micron Technology from a "buy" rating to a "hold" rating in a report on Friday, December 30th. BMO Capital Markets decreased their price target on Micron Technology from $80.00 to $70.00 and set an "outperform" rating for the company in a report on Friday, September 30th. The Goldman Sachs Group decreased their price target on Micron Technology to $62.00 in a report on Wednesday, October 5th. Finally, Summit Insights raised Micron Technology from a "hold" rating to a "buy" rating in a report on Friday, September 30th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $66.21.
Micron Technology Stock Up 2.0 %
Shares of NASDAQ:MU opened at $62.80 on Friday. The company has a quick ratio of 2.23, a current ratio of 3.51 and a debt-to-equity ratio of 0.20. The business has a fifty day moving average of $55.16 and a two-hundred day moving average of $56.42. The stock has a market cap of $68.53 billion, a P/E ratio of 11.40 and a beta of 1.30. Micron Technology, Inc. has a 52-week low of $48.43 and a 52-week high of $96.50.
Micron Technology (NASDAQ:MU – Get Rating) last issued its earnings results on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.14 billion. Micron Technology had a net margin of 22.78% and a return on equity of 13.26%. The firm's quarterly revenue was down 46.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.07 earnings per share. On average, research analysts expect that Micron Technology, Inc. will post -2.51 earnings per share for the current year.
Micron Technology Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, January 19th. Shareholders of record on Tuesday, January 3rd were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Friday, December 30th. Micron Technology's payout ratio is currently 8.35%.
Micron Technology Profile
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Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.