Illinois Municipal Retirement Fund Cuts Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Illinois Municipal Retirement Fund trimmed its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 33.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,832 shares of the semiconductor manufacturer’s stock after selling 45,483 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Micron Technology were worth $7,666,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MU. OFI Invest Asset Management acquired a new stake in Micron Technology in the 3rd quarter valued at $27,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Micron Technology in the 3rd quarter valued at $28,000. VisionPoint Advisory Group LLC grew its stake in Micron Technology by 68.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 198 shares during the period. Cape Investment Advisory Inc. grew its stake in Micron Technology by 51.0% in the 3rd quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock valued at $40,000 after acquiring an additional 200 shares during the period. Finally, Clear Street Markets LLC grew its stake in Micron Technology by 67.5% in the 3rd quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock valued at $42,000 after acquiring an additional 251 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Citigroup reaffirmed a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research note on Thursday, April 4th. TD Cowen lifted their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. KeyCorp lifted their target price on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $122.20.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $87.02, for a total value of $609,140.00. Following the transaction, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $68,620,230.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders sold a total of 306,890 shares of company stock worth $33,005,157 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Micron Technology Stock Up 3.1 %

NASDAQ:MU opened at $112.46 on Wednesday. The stock has a 50-day simple moving average of $104.04 and a 200-day simple moving average of $87.52. Micron Technology, Inc. has a 1 year low of $58.03 and a 1 year high of $130.54. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the business posted ($2.03) EPS. The company’s revenue for the quarter was up 57.7% on a year-over-year basis. On average, equities analysts forecast that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

About Micron Technology

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.