Public Employees Retirement System of Ohio Cuts Position in Micron Technology, Inc. (NASDAQ:MU)

Public Employees Retirement System of Ohio reduced its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 486,202 shares of the semiconductor manufacturer's stock after selling 16,406 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Micron Technology were worth $40,919,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MU. Beacon Capital Management LLC grew its holdings in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares during the last quarter. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology during the 4th quarter valued at $33,000. Activest Wealth Management boosted its position in shares of Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Micron Technology in the 4th quarter worth $34,000. Finally, Curio Wealth LLC purchased a new position in Micron Technology during the 4th quarter worth $34,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

Shares of MU stock opened at $93.37 on Friday. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market cap of $104.35 billion, a PE ratio of 26.91 and a beta of 1.21. The business has a 50-day simple moving average of $82.82 and a 200-day simple moving average of $92.48.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same period last year, the business earned $0.42 earnings per share. Micron Technology's quarterly revenue was up 38.2% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. This trade represents a 8.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,808 shares of company stock worth $1,858,424. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research analyst reports. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a research note on Wednesday, March 26th. Morgan Stanley cut their price objective on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Rosenblatt Securities decreased their price objective on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Finally, KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $126.48.

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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