Arizona State Retirement System Buys 6,710 Shares of Micron Technology, Inc. (NASDAQ:MU)

Arizona State Retirement System lifted its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 2.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 326,926 shares of the semiconductor manufacturer's stock after purchasing an additional 6,710 shares during the quarter. Arizona State Retirement System's holdings in Micron Technology were worth $28,407,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Kathmere Capital Management LLC purchased a new position in shares of Micron Technology during the 1st quarter valued at about $222,000. Fort Sheridan Advisors LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at about $320,000. SkyOak Wealth LLC increased its stake in shares of Micron Technology by 33.2% in the 1st quarter. SkyOak Wealth LLC now owns 5,218 shares of the semiconductor manufacturer's stock valued at $453,000 after purchasing an additional 1,302 shares in the last quarter. SteelPeak Wealth LLC increased its stake in shares of Micron Technology by 212.2% in the 1st quarter. SteelPeak Wealth LLC now owns 16,861 shares of the semiconductor manufacturer's stock valued at $1,467,000 after purchasing an additional 11,461 shares in the last quarter. Finally, Xponance Inc. increased its stake in shares of Micron Technology by 3.1% in the 1st quarter. Xponance Inc. now owns 159,189 shares of the semiconductor manufacturer's stock valued at $13,832,000 after purchasing an additional 4,782 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wedbush lifted their price target on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Morgan Stanley upped their price target on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Robert W. Baird upped their price target on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Citigroup upped their price target on Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Barclays upped their price target on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the completion of the sale, the director directly owned 22,550 shares of the company's stock, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the sale, the director directly owned 22,762 shares of the company's stock, valued at $2,848,664.30. The trade was a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock worth $31,154,717 in the last ninety days. Company insiders own 0.30% of the company's stock.

Micron Technology Trading Up 1.2%

MU opened at $124.53 on Friday. The company has a market cap of $139.36 billion, a P/E ratio of 22.44 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $135.35. The business's 50-day simple moving average is $108.03 and its 200-day simple moving average is $95.92.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the prior year, the firm earned $0.62 EPS. As a group, equities research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be given a dividend of $0.115 per share. The ex-dividend date is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.37%. Micron Technology's payout ratio is 8.29%.

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.

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