Retirement Systems of Alabama Lowers Position in Micron Technology, Inc. (NASDAQ:MU)

Retirement Systems of Alabama cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 0.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 683,533 shares of the semiconductor manufacturer’s stock after selling 5,709 shares during the period. Retirement Systems of Alabama owned about 0.06% of Micron Technology worth $59,392,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC purchased a new position in Micron Technology in the fourth quarter worth $26,000. Midwest Capital Advisors LLC purchased a new position in Micron Technology in the fourth quarter worth $33,000. Opal Wealth Advisors LLC purchased a new position in Micron Technology in the first quarter worth $33,000. Curio Wealth LLC purchased a new position in Micron Technology in the fourth quarter worth $34,000. Finally, Hurley Capital LLC purchased a new position in Micron Technology in the fourth quarter worth $37,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on MU shares. Rosenblatt Securities cut their target price on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Barclays cut their price target on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. China Renaissance lowered shares of Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Finally, Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $129.00.

Micron Technology Price Performance

MU stock opened at $121.82 on Friday. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $157.41. The company has a market cap of $136.14 billion, a P/E ratio of 29.21 and a beta of 1.28. The firm has a 50-day moving average of $92.05 and a 200 day moving average of $93.23. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. Micron Technology’s revenue was up 38.2% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 5,210 shares of the company’s stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the sale, the chief executive officer now owns 379,675 shares in the company, valued at approximately $46,073,561.25. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president now owns 186,353 shares in the company, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,404 shares of company stock valued at $5,572,867 over the last three months. Corporate insiders own 0.30% of the company’s stock.

About Micron Technology

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.