Kentucky Retirement Systems Sells 6,199 Shares of Micron Technology, Inc. (NASDAQ:MU)

Kentucky Retirement Systems trimmed its position in Micron Technology, Inc. (NASDAQ:MU) by 7.4% in the third quarter, HoldingsChannel reports. The firm owned 77,248 shares of the semiconductor manufacturer’s stock after selling 6,199 shares during the quarter. Kentucky Retirement Systems’ holdings in Micron Technology were worth $8,011,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. KCM Investment Advisors LLC grew its stake in Micron Technology by 5.7% in the 3rd quarter. KCM Investment Advisors LLC now owns 2,175 shares of the semiconductor manufacturer’s stock valued at $226,000 after purchasing an additional 118 shares during the period. Empirical Finance LLC grew its position in Micron Technology by 2.2% during the third quarter. Empirical Finance LLC now owns 37,843 shares of the semiconductor manufacturer’s stock valued at $3,925,000 after buying an additional 825 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in Micron Technology by 16.7% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 28,624 shares of the semiconductor manufacturer’s stock worth $2,969,000 after buying an additional 4,086 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new stake in Micron Technology in the third quarter worth about $1,111,000. Finally, Dearborn Partners LLC purchased a new position in Micron Technology in the third quarter valued at about $281,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

MU opened at $96.34 on Friday. The stock has a market capitalization of $106.82 billion, a P/E ratio of 141.68 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The stock has a 50-day moving average price of $101.33 and a 200-day moving average price of $112.72.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the firm posted ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.48%. Micron Technology’s dividend payout ratio is currently 67.65%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MU shares. TD Cowen raised their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Raymond James upped their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Morgan Stanley boosted their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Susquehanna cut their target price on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research report on Thursday, September 26th. Finally, UBS Group dropped their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is currently owned by corporate insiders.

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.