New York State Teachers Retirement System lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 4.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,828,184 shares of the semiconductor manufacturer’s stock after selling 78,775 shares during the period. New York State Teachers Retirement System’s holdings in Micron Technology were worth $75,559,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Executive Wealth Management LLC purchased a new position in Micron Technology in the 4th quarter worth about $26,000. JNBA Financial Advisors purchased a new position in Micron Technology in the 4th quarter worth about $28,000. Lavaca Capital LLC purchased a new position in Micron Technology in the 4th quarter worth about $29,000. Athena Capital Advisors LLC purchased a new position in Micron Technology in the 4th quarter worth about $29,000. Finally, Valeo Financial Advisors LLC raised its position in Micron Technology by 73.3% in the 1st quarter. Valeo Financial Advisors LLC now owns 709 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 300 shares during the last quarter. 77.56% of the stock is owned by hedge funds and other institutional investors.
In other Micron Technology news, SVP Joel L. Poppen sold 20,210 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $41.45, for a total value of $837,704.50. Following the completion of the transaction, the senior vice president now directly owns 269,368 shares in the company, valued at approximately $11,165,303.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 14,486 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $42.88, for a total value of $621,159.68. Following the completion of the transaction, the executive vice president now owns 150,236 shares of the company’s stock, valued at $6,442,119.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,878 shares of company stock valued at $2,293,223. 0.20% of the stock is currently owned by corporate insiders.
Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $1.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.67 by $0.04. The company had revenue of $5.84 billion during the quarter, compared to the consensus estimate of $5.82 billion. Micron Technology had a return on equity of 40.67% and a net margin of 43.56%. The firm’s revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.82 EPS. Equities research analysts predict that Micron Technology, Inc. will post 6.27 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on MU shares. Citigroup lowered shares of Micron Technology from a “neutral” rating to a “sell” rating and reduced their price target for the company from $35.00 to $30.00 in a research report on Thursday, March 21st. Cross Research lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Summit Insights raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 21st. Standpoint Research raised shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Finally, MKM Partners upped their price target on shares of Micron Technology to $50.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $55.85.
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About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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