State of Alaska Department of Revenue Buys 17,040 Shares of Micron Technology, Inc. $MU

State of Alaska Department of Revenue lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 162,527 shares of the semiconductor manufacturer’s stock after acquiring an additional 17,040 shares during the quarter. State of Alaska Department of Revenue’s holdings in Micron Technology were worth $20,031,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Micron Technology by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer’s stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Micron Technology by 23.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock worth $922,467,000 after purchasing an additional 2,038,641 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Micron Technology by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,938,848 shares of the semiconductor manufacturer’s stock worth $602,917,000 after purchasing an additional 58,285 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Micron Technology by 26.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer’s stock worth $590,807,000 after purchasing an additional 1,416,174 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Micron Technology by 0.4% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,366,631 shares of the semiconductor manufacturer’s stock worth $379,417,000 after purchasing an additional 17,970 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the subject of several research analyst reports. Robert W. Baird boosted their price objective on Micron Technology from $163.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Deutsche Bank Aktiengesellschaft boosted their price objective on Micron Technology from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday. KGI Securities raised Micron Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. UBS Group upped their price target on Micron Technology from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday. Finally, CLSA assumed coverage on Micron Technology in a report on Wednesday, August 27th. They issued an “outperform” rating and a $155.00 price target for the company. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $184.77.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 13,798 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the sale, the chief executive officer directly owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the sale, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,308 shares of company stock valued at $19,804,967. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Up 0.3%

MU stock opened at $157.27 on Friday. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $170.45. The firm has a market cap of $176.00 billion, a P/E ratio of 20.72, a P/E/G ratio of 0.40 and a beta of 1.47. The business’s 50 day moving average is $128.30 and its 200-day moving average is $108.02. The company has a current ratio of 2.52, a quick ratio of 1.89 and a debt-to-equity ratio of 0.26.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 17.21% and a net margin of 22.84%.The company had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same period in the prior year, the company posted $0.62 EPS. Equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology’s dividend payout ratio is currently 6.06%.

Micron Technology 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.