Kentucky Retirement Systems Insurance Trust Fund Sells 5,181 Shares of Micron Technology, Inc. (NASDAQ:MU)

Kentucky Retirement Systems Insurance Trust Fund cut its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 13.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 32,068 shares of the semiconductor manufacturer’s stock after selling 5,181 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Micron Technology were worth $2,786,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Micron Technology during the 4th quarter valued at about $1,470,875,000. Capital World Investors boosted its holdings 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 valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the period. FMR LLC boosted its holdings in Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares during the period. Capital Research Global Investors boosted its holdings in Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the period. Finally, Capital International Investors boosted its holdings in Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after acquiring an additional 4,375,232 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Morgan Stanley dropped their price objective on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Citigroup increased their price objective on Micron Technology from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a report on Wednesday, March 19th. Finally, China Renaissance cut Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $127.92.

Insider Activity

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on 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 in the company, valued at approximately $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 5,210 shares of Micron Technology stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the transaction, the chief executive officer now owns 379,675 shares of the company’s stock, valued at $46,073,561.25. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,404 shares of company stock worth $5,572,867 in the last quarter. 0.30% of the stock is owned by company insiders.

Micron Technology Trading Up 1.5%

MU opened at $123.60 on Friday. The stock has a market cap of $138.13 billion, a PE ratio of 29.64 and a beta of 1.28. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average of $93.13 and a 200-day moving average of $93.33. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $144.07.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The firm’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 EPS. Equities research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

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.