Retirement Systems of Alabama trimmed its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 1.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 545,008 shares of the semiconductor manufacturer’s stock after selling 7,384 shares during the quarter. Retirement Systems of Alabama’s holdings in Micron Technology were worth $28,580,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. boosted its position in Micron Technology by 4.4% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 88,256 shares of the semiconductor manufacturer’s stock worth $3,635,000 after buying an additional 3,696 shares during the period. LPL Financial LLC boosted its position in Micron Technology by 3.2% during the 4th quarter. LPL Financial LLC now owns 135,299 shares of the semiconductor manufacturer’s stock worth $5,563,000 after buying an additional 4,183 shares during the period. Glenmede Trust Co. NA boosted its position in Micron Technology by 56.9% during the 4th quarter. Glenmede Trust Co. NA now owns 171,289 shares of the semiconductor manufacturer’s stock worth $7,042,000 after buying an additional 62,088 shares during the period. Sterling Capital Management LLC boosted its position in Micron Technology by 152.9% during the 4th quarter. Sterling Capital Management LLC now owns 130,694 shares of the semiconductor manufacturer’s stock worth $5,374,000 after buying an additional 79,010 shares during the period. Finally, Banco de Sabadell S.A acquired a new stake in Micron Technology during the 4th quarter worth approximately $1,475,000. 78.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of MU stock opened at $57.45 on Thursday. The firm has a market cap of $66.06 billion, a price-to-earnings ratio of 5.52, a price-to-earnings-growth ratio of 0.60 and a beta of 1.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.63 and a quick ratio of 2.06. Micron Technology, Inc. has a 12 month low of $26.85 and a 12 month high of $64.66.
Micron Technology declared that its Board of Directors has authorized a share buyback program on Monday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 16.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
A number of research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Micron Technology to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 30th. JPMorgan Chase & Co. lifted their price objective on shares of Micron Technology from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, June 21st. MKM Partners lifted their price objective on shares of Micron Technology to $77.00 and gave the company a “buy” rating in a research note on Thursday, June 21st. ValuEngine lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Cowen lifted their price objective on shares of Micron Technology from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 21st. Seven equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $72.05.
In related news, Director Patrick J. Byrne sold 14,360 shares of the business’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $46.31, for a total value of $665,011.60. Following the transaction, the director now directly owns 100,299 shares of the company’s stock, valued at approximately $4,644,846.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott J. Deboer sold 24,795 shares of the business’s stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $62.00, for a total transaction of $1,537,290.00. Following the completion of the transaction, the executive vice president now directly owns 128,579 shares in the company, valued at $7,971,898. The disclosure for this sale can be found here. 0.53% of the stock is owned by insiders.
Micron Technology Company Profile
Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.
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