Utah Retirement Systems Trims Stake in Micron Technology, Inc. (NASDAQ:MU)

Utah Retirement Systems lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,611 shares of the semiconductor manufacturer’s stock after selling 9,400 shares during the quarter. Utah Retirement Systems’ holdings in Micron Technology were worth $18,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in MU. Zimmer Partners LP purchased a new stake in Micron Technology in the first quarter worth about $16,539,000. Verition Fund Management LLC grew its holdings in Micron Technology by 326.8% in the first quarter. Verition Fund Management LLC now owns 263,769 shares of the semiconductor manufacturer’s stock worth $23,267,000 after purchasing an additional 201,972 shares during the period. Odey Asset Management Group Ltd purchased a new stake in Micron Technology in the first quarter worth about $1,870,000. Jackson Square Capital LLC grew its holdings in Micron Technology by 1.8% in the first quarter. Jackson Square Capital LLC now owns 87,956 shares of the semiconductor manufacturer’s stock worth $7,759,000 after purchasing an additional 1,595 shares during the period. Finally, State of Wisconsin Investment Board grew its holdings in Micron Technology by 2.6% in the first quarter. State of Wisconsin Investment Board now owns 1,701,501 shares of the semiconductor manufacturer’s stock worth $150,089,000 after purchasing an additional 43,666 shares during the period. Institutional investors own 80.26% of the company’s stock.

In other news, CFO David Zinsner sold 8,050 shares of the firm’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $79.40, for a total value of $639,170.00. Following the completion of the sale, the chief financial officer now owns 117,275 shares in the company, valued at approximately $9,311,635. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Joel L. Poppen sold 4,984 shares of the firm’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $78.76, for a total transaction of $392,539.84. Following the completion of the sale, the senior vice president now owns 257,197 shares of the company’s stock, valued at approximately $20,256,835.72. The disclosure for this sale can be found here. Insiders sold a total of 183,172 shares of company stock valued at $14,669,609 over the last three months. Corporate insiders own 0.18% of the company’s stock.

A number of brokerages have weighed in on MU. BMO Capital Markets upgraded shares of Micron Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $90.00 to $110.00 in a report on Wednesday, June 30th. UBS Group dropped their target price on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, July 1st. Needham & Company LLC upped their target price on shares of Micron Technology from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, April 1st. The Goldman Sachs Group reiterated a “buy” rating and issued a $122.00 target price (up previously from $118.00) on shares of Micron Technology in a research note on Thursday, April 1st. Finally, Summit Insights downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th. Five research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $114.61.

Shares of NASDAQ:MU traded down $1.82 on Thursday, reaching $75.37. The company’s stock had a trading volume of 337,719 shares, compared to its average volume of 20,258,200. Micron Technology, Inc. has a 52-week low of $42.25 and a 52-week high of $96.96. The company has a market cap of $84.85 billion, a P/E ratio of 21.26, a P/E/G ratio of 1.04 and a beta of 1.26. The business has a 50-day moving average price of $80.25. The company has a current ratio of 3.40, a quick ratio of 2.57 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Tuesday, June 29th. The semiconductor manufacturer reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.17. Micron Technology had a net margin of 16.20% and a return on equity of 12.60%. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $7.26 billion. During the same period last year, the company posted $0.82 EPS. The business’s revenue was up 36.5% on a year-over-year basis. Equities research analysts predict that Micron Technology, Inc. will post 5.65 earnings per share for the current fiscal year.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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