Kentucky Retirement Systems Acquires 3,474 Shares of Micron Technology, Inc. (NASDAQ:MU)

Posted by Defense World Staff on Mar 15th, 2023

Kentucky Retirement Systems grew its holdings in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 4.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,352 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,474 shares during the quarter. Kentucky Retirement Systems’ holdings in Micron Technology were worth $4,326,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Wagner Wealth Management LLC bought a new position in shares of Micron Technology during the second quarter worth about $29,000. Washington Trust Advisors Inc. grew its holdings in shares of Micron Technology by 59.2% during the third quarter. Washington Trust Advisors Inc. now owns 551 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 205 shares in the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Micron Technology by 44.7% during the third quarter. Financial Management Professionals Inc. now owns 689 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 213 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of Micron Technology by 207.0% during the third quarter. Sound Income Strategies LLC now owns 706 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 476 shares in the last quarter. Finally, FinTrust Capital Advisors LLC grew its holdings in shares of Micron Technology by 58.0% during the third quarter. FinTrust Capital Advisors LLC now owns 790 shares of the semiconductor manufacturer’s stock worth $42,000 after buying an additional 290 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on MU. Cowen decreased their price objective on Micron Technology from $70.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, December 22nd. Needham & Company LLC increased their price target on Micron Technology from $60.00 to $67.00 and gave the company a “buy” rating in a research report on Wednesday, November 16th. Stifel Nicolaus reduced their price target on Micron Technology from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, December 22nd. Argus cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 30th. Finally, Raymond James began coverage on Micron Technology in a research report on Wednesday, March 1st. They set an “outperform” rating and a $70.00 price target for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.25.

Insider Activity

In other news, SVP Robert P. Beard sold 3,000 shares of Micron Technology stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $61.25, for a total value of $183,750.00. Following the transaction, the senior vice president now owns 42,840 shares in the company, valued at approximately $2,623,950. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Robert P. Beard sold 3,000 shares of Micron Technology stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $61.25, for a total value of $183,750.00. Following the transaction, the senior vice president now owns 42,840 shares in the company, valued at approximately $2,623,950. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP April S. Arnzen sold 24,000 shares of the business’s stock in a transaction on Monday, January 30th. The stock was sold at an average price of $61.91, for a total value of $1,485,840.00. Following the sale, the senior vice president now owns 118,885 shares in the company, valued at approximately $7,360,170.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,000 shares of company stock worth $3,982,190. Insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $54.27 on Wednesday. The stock’s fifty day moving average price is $58.57 and its two-hundred day moving average price is $55.79. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $86.24. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.51 and a quick ratio of 2.23. The firm has a market cap of $59.22 billion, a PE ratio of 9.85 and a beta of 1.39.

Micron Technology (NASDAQ:MU – Get Rating) last posted its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). Micron Technology had a return on equity of 13.26% and a net margin of 22.78%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter last year, the business earned $2.07 EPS. Micron Technology’s revenue was down 46.9% on a year-over-year basis. As a group, research analysts expect that Micron Technology, Inc. will post -2.71 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 19th. Stockholders of record on Tuesday, January 3rd were paid a $0.115 dividend. The ex-dividend date was Friday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.85%. Micron Technology’s payout ratio is 8.35%.

About Micron Technology

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Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU 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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