State Board of Administration of Florida Retirement System lifted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,567,468 shares of the semiconductor manufacturer’s stock after purchasing an additional 11,706 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Micron Technology were worth $70,897,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Micron Technology by 1.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,768,868 shares of the semiconductor manufacturer’s stock worth $92,229,000 after buying an additional 24,882 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in Micron Technology by 1.8% during the 2nd quarter. Gulf International Bank UK Ltd now owns 370,206 shares of the semiconductor manufacturer’s stock worth $19,413,000 after buying an additional 6,450 shares in the last quarter. Abner Herrman & Brock LLC purchased a new stake in Micron Technology during the 2nd quarter worth approximately $1,863,000. XR Securities LLC purchased a new stake in Micron Technology during the 2nd quarter worth approximately $733,000. Finally, IFM Investors Pty Ltd increased its stake in Micron Technology by 45.5% during the 2nd quarter. IFM Investors Pty Ltd now owns 52,269 shares of the semiconductor manufacturer’s stock worth $2,741,000 after buying an additional 16,356 shares in the last quarter. Hedge funds and other institutional investors own 75.48% of the company’s stock.
MU has been the subject of several research reports. Macquarie set a $70.00 price objective on Micron Technology and gave the stock a “buy” rating in a research note on Friday, September 21st. BidaskClub lowered Micron Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Cowen set a $62.00 price target on Micron Technology and gave the company a “buy” rating in a research report on Thursday, October 11th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $84.00 price target on shares of Micron Technology in a research report on Wednesday, September 19th. Finally, Morgan Stanley dropped their price target on Micron Technology from $65.00 to $48.00 and set an “equal weight” rating for the company in a research report on Friday, September 21st. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $66.92.
Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.20. Micron Technology had a return on equity of 51.68% and a net margin of 46.51%. The firm had revenue of $8.44 billion for the quarter, compared to analysts’ expectations of $8.25 billion. During the same period in the prior year, the firm posted $2.02 earnings per share. The firm’s quarterly revenue was up 37.5% on a year-over-year basis. As a group, analysts anticipate that Micron Technology, Inc. will post 10.19 EPS for the current year.
About Micron Technology
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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