Micron Technology, Inc. (NASDAQ:MU) Stock Position Lowered by Employees Retirement System of Texas

Employees Retirement System of Texas decreased its position in Micron Technology, Inc. (NASDAQ:MU) by 20.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 540,594 shares of the semiconductor manufacturer’s stock after selling 141,081 shares during the period. Employees Retirement System of Texas’ holdings in Micron Technology were worth $71,104,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Clearbridge Investments LLC lifted its position in Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares in the last quarter. Chapin Davis Inc. purchased a new stake in shares of Micron Technology during the second quarter worth $4,056,000. Norden Group LLC boosted its position in Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares in the last quarter. Finally, Westwood Holdings Group Inc. acquired a new position in Micron Technology in the 1st quarter worth about $8,558,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $95.77 on Thursday. The firm has a market cap of $106.19 billion, a P/E ratio of -67.44, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The firm’s 50-day simple moving average is $98.39 and its 200-day simple moving average is $114.77. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.57) earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. KeyCorp lowered their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Citigroup decreased their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Cantor Fitzgerald raised their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Mizuho lifted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $145.65.

Micron Technology Company 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.