Kentucky Retirement Systems Cuts Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Kentucky Retirement Systems lessened its holdings in Micron Technology, Inc. (NASDAQ:MU) by 1.2% during the first quarter, HoldingsChannel.com reports. The fund owned 75,289 shares of the semiconductor manufacturer’s stock after selling 909 shares during the quarter. Kentucky Retirement Systems’ holdings in Micron Technology were worth $6,542,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Micron Technology by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock valued at $8,403,982,000 after acquiring an additional 888,087 shares during the period. FMR LLC increased its stake in Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital World Investors increased its stake in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after buying an additional 15,993,036 shares during the period. Geode Capital Management LLC increased its stake in Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock worth $2,052,973,000 after buying an additional 726,282 shares during the period. Finally, Norges Bank purchased a new stake in Micron Technology during the 4th quarter worth $1,470,875,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 2,290 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $120.31, for a total value of $275,509.90. Following the completion of the transaction, the chief executive officer now owns 384,885 shares in the company, valued at approximately $46,305,514.35. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction, the executive vice president now owns 186,353 shares of the company’s stock, 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 in the last quarter. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $123.60 on Friday. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $144.07. The firm has a 50-day simple moving average of $93.13 and a 200 day simple moving average of $93.33. The company has a market cap of $138.13 billion, a PE ratio of 29.64 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating 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 business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Analyst Upgrades and Downgrades

MU has been the topic of several analyst reports. UBS Group lifted their price target on shares of Micron Technology from $92.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, June 5th. Wall Street Zen raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Wedbush lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company raised shares of Micron Technology from a “hold” rating to a “strong-buy” rating and lifted their price target for the stock from $130.00 to $150.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $127.92.

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.