Strs Ohio Reduces Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Strs Ohio reduced its holdings in Micron Technology, Inc. (NASDAQ:MU) by 29.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,176,890 shares of the semiconductor manufacturer’s stock after selling 502,153 shares during the period. Strs Ohio owned approximately 0.11% of Micron Technology worth $63,293,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Doyle Wealth Management purchased a new position in shares of Micron Technology during the 2nd quarter worth about $30,000. Whittier Trust Co. boosted its stake in shares of Micron Technology by 115.2% during the 3rd quarter. Whittier Trust Co. now owns 794 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 425 shares during the period. Griffin Asset Management Inc. purchased a new position in shares of Micron Technology during the 2nd quarter worth about $39,000. North Star Investment Management Corp. purchased a new position in shares of Micron Technology during the 3rd quarter worth about $44,000. Finally, HM Payson & Co. purchased a new position in shares of Micron Technology during the 2nd quarter worth about $51,000. 77.28% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently commented on the stock. Goldman Sachs Group reaffirmed a “buy” rating and set a $66.00 price target (up from $59.00) on shares of Micron Technology in a research note on Thursday, December 19th. They noted that the move was a valuation call. Piper Jaffray Companies lifted their price objective on shares of Micron Technology from $46.00 to $56.00 and gave the company a “neutral” rating in a report on Thursday, December 19th. Robert W. Baird lifted their price objective on shares of Micron Technology from $30.00 to $45.00 and gave the company an “underperform” rating in a report on Thursday, December 19th. Barclays reiterated a “buy” rating and set a $70.00 price objective on shares of Micron Technology in a report on Sunday, January 19th. Finally, Bank of America reiterated a “buy” rating and set a $70.00 price objective on shares of Micron Technology in a report on Thursday, December 19th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $62.97.

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $55.00, for a total transaction of $1,100,000.00. Following the sale, the executive vice president now owns 148,368 shares of the company’s stock, valued at approximately $8,160,240. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP April S. Arnzen sold 4,534 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $46.10, for a total transaction of $209,017.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,534 shares of company stock worth $2,448,417. Insiders own 0.18% of the company’s stock.

Shares of NASDAQ:MU traded down $1.46 during trading hours on Friday, hitting $57.74. The company’s stock had a trading volume of 23,933,053 shares, compared to its average volume of 19,588,812. Micron Technology, Inc. has a 52 week low of $32.14 and a 52 week high of $60.56. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. The company has a market capitalization of $63.99 billion, a price-to-earnings ratio of 18.75 and a beta of 1.98. The firm’s fifty day moving average price is $54.27 and its 200 day moving average price is $47.87.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The business had revenue of $5.14 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The company’s quarterly revenue was down 35.0% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology, Inc. will post 2.09 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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