State Treasurer State of Michigan grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 0.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 343,344 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,900 shares during the quarter. State Treasurer State of Michigan’s holdings in Micron Technology were worth $18,005,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Usca Ria LLC raised its holdings in Micron Technology by 16.8% in the 2nd quarter. Usca Ria LLC now owns 18,980 shares of the semiconductor manufacturer’s stock worth $995,000 after purchasing an additional 2,730 shares in the last quarter. Advisors Preferred LLC raised its holdings in Micron Technology by 95.3% in the 2nd quarter. Advisors Preferred LLC now owns 3,252 shares of the semiconductor manufacturer’s stock worth $171,000 after purchasing an additional 1,587 shares in the last quarter. Greenleaf Trust raised its holdings in Micron Technology by 22.5% in the 2nd quarter. Greenleaf Trust now owns 18,500 shares of the semiconductor manufacturer’s stock worth $970,000 after purchasing an additional 3,395 shares in the last quarter. Brick & Kyle Associates raised its holdings in Micron Technology by 1,049.5% in the 2nd quarter. Brick & Kyle Associates now owns 48,280 shares of the semiconductor manufacturer’s stock worth $2,532,000 after purchasing an additional 44,080 shares in the last quarter. Finally, Rational Advisors LLC raised its holdings in Micron Technology by 3,518.7% in the 2nd quarter. Rational Advisors LLC now owns 24,426 shares of the semiconductor manufacturer’s stock worth $1,281,000 after purchasing an additional 23,751 shares in the last quarter. Institutional investors and hedge funds own 77.74% of the company’s stock.

Shares of MU stock opened at $47.10 on Friday. Micron Technology, Inc. has a one year low of $29.28 and a one year high of $64.66. The stock has a market cap of $59.58 billion, a P/E ratio of 10.68, a PEG ratio of 0.54 and a beta of 1.61. The company has a current ratio of 2.63, a quick ratio of 2.06 and a debt-to-equity ratio of 0.20.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.13 by $0.02. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same period in the prior year, the firm posted $1.62 EPS. Micron Technology’s revenue for the quarter was up 40.1% on a year-over-year basis. analysts forecast that Micron Technology, Inc. will post 11.57 EPS for the current year.

Micron Technology announced that its Board of Directors has initiated a share repurchase plan on Monday, May 21st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 16.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

A number of analysts have recently weighed in on MU shares. Goldman Sachs Group set a $68.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a research report on Wednesday, July 18th. ValuEngine downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Wells Fargo & Co reduced their target price on shares of Micron Technology from $70.00 to $63.00 and set an “outperform” rating on the stock in a research report on Wednesday. They noted that the move was a valuation call. Deutsche Bank upped their target price on shares of Micron Technology from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, May 22nd. Finally, Stifel Nicolaus set a $108.00 target price on shares of Micron Technology and gave the stock a “buy” rating in a research report on Thursday, July 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Micron Technology presently has a consensus rating of “Buy” and an average target price of $71.83.

In other news, Director Robert E. Switz sold 75,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $53.34, for a total transaction of $4,000,500.00. Following the sale, the director now owns 120,257 shares of the company’s stock, valued at approximately $6,414,508.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 24,795 shares of the firm’s stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $62.00, for a total transaction of $1,537,290.00. Following the sale, the executive vice president now directly owns 128,579 shares in the company, valued at approximately $7,971,898. The disclosure for this sale can be found here. Insiders have sold a total of 164,795 shares of company stock worth $9,141,390 over the last three months. 0.53% of the stock is currently owned by insiders.

Micron Technology Company Profile

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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

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