Retirement Systems of Alabama Reduces Stake in Micron Technology, Inc. (NASDAQ:MU)

Retirement Systems of Alabama lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 37.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,798 shares of the semiconductor manufacturer’s stock after selling 455,661 shares during the period. Retirement Systems of Alabama owned about 0.07% of Micron Technology worth $65,097,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. FMR LLC raised its stake in shares of Micron Technology by 47.9% during the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after acquiring an additional 7,089,790 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Micron Technology by 43.4% during the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after acquiring an additional 5,257,201 shares in the last quarter. Morgan Stanley raised its stake in shares of Micron Technology by 19.7% during the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after acquiring an additional 2,852,688 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Micron Technology by 125.0% during the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after acquiring an additional 2,523,267 shares in the last quarter. Finally, Phoenix Holdings Ltd. raised its stake in shares of Micron Technology by 8,336.6% during the third quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock valued at $117,762,000 after acquiring an additional 1,753,262 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $80,483,154.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total transaction of $783,510.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $80,483,154.57. The disclosure for this sale can be found here. Insiders sold a total of 268,890 shares of company stock worth $29,738,667 in the last 90 days. Insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $3.26 during trading hours on Friday, reaching $114.84. The stock had a trading volume of 20,612,299 shares, compared to its average volume of 24,401,036. The stock’s 50 day moving average is $105.94 and its 200 day moving average is $88.30. The firm has a market capitalization of $127.17 billion, a PE ratio of -33.29 and a beta of 1.27. Micron Technology, Inc. has a twelve month low of $59.55 and a twelve month high of $130.54. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned ($2.03) EPS. The company’s revenue for the quarter was up 57.7% on a year-over-year basis. Equities analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Analyst Upgrades and Downgrades

MU has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, March 18th. UBS Group boosted their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Wells Fargo & Company boosted their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Cantor Fitzgerald boosted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, Citigroup reissued a “buy” rating and issued a $150.00 price objective on shares of Micron Technology in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Profile

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.