State of Michigan Retirement System raised its position in Micron Technology, Inc. (NASDAQ:MU) by 11.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 284,063 shares of the semiconductor manufacturer’s stock after purchasing an additional 30,319 shares during the period. State of Michigan Retirement System’s holdings in Micron Technology were worth $14,635,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. F&V Capital Management LLC bought a new stake in shares of Micron Technology during the second quarter worth $3,478,000. IBM Retirement Fund boosted its holdings in Micron Technology by 53.2% during the first quarter. IBM Retirement Fund now owns 28,367 shares of the semiconductor manufacturer’s stock worth $1,193,000 after purchasing an additional 9,846 shares during the last quarter. Old Port Advisors acquired a new position in Micron Technology during the second quarter worth $245,000. CNB Bank acquired a new position in Micron Technology during the second quarter worth $35,000. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Micron Technology by 19.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 119,939 shares of the semiconductor manufacturer’s stock worth $5,045,000 after purchasing an additional 19,534 shares during the last quarter. 80.63% of the stock is owned by institutional investors.

Shares of MU stock traded down $0.69 during trading hours on Friday, reaching $50.06. 17,436,426 shares of the company traded hands, compared to its average volume of 17,106,878. Micron Technology, Inc. has a 12-month low of $31.13 and a 12-month high of $61.19. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.89 and a quick ratio of 2.02. The company has a market cap of $56.37 billion, a P/E ratio of 25.15, a P/E/G ratio of 2.00 and a beta of 1.53. The firm has a 50-day moving average price of $50.05 and a 200 day moving average price of $49.48.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.11. Micron Technology had a return on equity of 6.31% and a net margin of 11.16%. The firm had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’s quarterly revenue was up 13.6% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 2.47 EPS for the current year.

In other Micron Technology news, EVP Scott J. Deboer sold 10,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the sale, the executive vice president now owns 128,368 shares of the company’s stock, valued at approximately $6,648,178.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.18% of the stock is currently owned by insiders.

Several research analysts recently commented on the stock. Sanford C. Bernstein restated a “buy” rating and set a $70.00 target price on shares of Micron Technology in a report on Tuesday, June 30th. Nomura increased their price target on shares of Micron Technology from $45.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. increased their price target on shares of Micron Technology from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Cowen reiterated a “buy” rating and issued a $65.00 price target on shares of Micron Technology in a research note on Wednesday, July 8th. Finally, BidaskClub cut shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Micron Technology presently has a consensus rating of “Buy” and a consensus price target of $63.42.

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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