Retirement Systems of Alabama lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.4% in the first quarter, HoldingsChannel.com reports. The firm owned 522,007 shares of the semiconductor manufacturer’s stock after selling 12,850 shares during the period. Retirement Systems of Alabama’s holdings in Micron Technology were worth $21,575,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of MU. James Investment Research Inc. boosted its position in Micron Technology by 4.9% in the 4th quarter. James Investment Research Inc. now owns 394,680 shares of the semiconductor manufacturer’s stock valued at $12,524,000 after buying an additional 18,522 shares during the period. Nissay Asset Management Corp Japan ADV boosted its position in Micron Technology by 7.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 165,535 shares of the semiconductor manufacturer’s stock valued at $5,252,000 after buying an additional 11,645 shares during the period. Gabalex Capital Management LLC boosted its position in Micron Technology by 200.0% in the 4th quarter. Gabalex Capital Management LLC now owns 300,000 shares of the semiconductor manufacturer’s stock valued at $9,519,000 after buying an additional 200,000 shares during the period. Connable Office Inc. raised its holdings in shares of Micron Technology by 54.3% in the 4th quarter. Connable Office Inc. now owns 60,563 shares of the semiconductor manufacturer’s stock valued at $1,922,000 after purchasing an additional 21,316 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at $864,000. 77.20% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on MU shares. Royal Bank of Canada lowered shares of Micron Technology from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $59.00 to $40.00 in a report on Wednesday, December 19th. Piper Jaffray Companies reduced their price objective on shares of Micron Technology to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, December 19th. Wells Fargo & Co reduced their price objective on shares of Micron Technology from $63.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, December 19th. They noted that the move was a valuation call. BMO Capital Markets lowered shares of Micron Technology to a “market perform” rating and raised their price objective for the company from $7.64 to $32.00 in a report on Wednesday, December 19th. Finally, Needham & Company LLC lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Wednesday, December 19th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have given a buy rating to the stock. Micron Technology presently has a consensus rating of “Hold” and an average price target of $55.85.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.04. The company had revenue of $5.84 billion for the quarter, compared to the consensus estimate of $5.82 billion. Micron Technology had a net margin of 43.56% and a return on equity of 40.67%. Micron Technology’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period last year, the firm posted $2.82 EPS. On average, research analysts forecast that Micron Technology, Inc. will post 6.27 EPS for the current year.
In other news, SVP Joel L. Poppen sold 20,210 shares of Micron Technology stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $41.45, for a total value of $837,704.50. Following the sale, the senior vice president now owns 269,368 shares of the company’s stock, valued at $11,165,303.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott J. Deboer sold 14,486 shares of Micron Technology stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $42.88, for a total transaction of $621,159.68. Following the completion of the sale, the executive vice president now directly owns 150,236 shares in the company, valued at approximately $6,442,119.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,878 shares of company stock worth $2,293,223. Insiders own 0.20% of the company’s stock.
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Micron Technology Profile
Micron Technology, Inc manufactures and sells memory and storage solutions worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint memory under the Micron, Crucial, and Ballistix brands, as well as private labels.
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