Illinois Municipal Retirement Fund Has $7.67 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Illinois Municipal Retirement Fund decreased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 33.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 89,832 shares of the semiconductor manufacturer’s stock after selling 45,483 shares during the period. Illinois Municipal Retirement Fund’s holdings in Micron Technology were worth $7,666,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Northern Trust Corp grew its holdings in Micron Technology by 0.7% in the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after buying an additional 80,345 shares during the last quarter. L2 Asset Management LLC grew its holdings in Micron Technology by 492.3% in the 3rd quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after buying an additional 21,979 shares during the last quarter. Invesco Ltd. grew its holdings in Micron Technology by 11.8% in the 3rd quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after buying an additional 927,302 shares during the last quarter. Merlin Capital Inc acquired a new stake in Micron Technology in the 3rd quarter valued at approximately $407,000. Finally, Amitell Capital Pte Ltd grew its holdings in Micron Technology by 97.9% in the 3rd quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after buying an additional 47,105 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Up 3.1 %

Shares of MU opened at $112.46 on Wednesday. Micron Technology, Inc. has a 1 year low of $58.03 and a 1 year high of $130.54. The stock’s 50-day moving average price is $104.04 and its two-hundred day moving average price is $87.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74.

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

Micron Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

MU has been the topic of several recent research reports. Morgan Stanley lifted their price objective on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a report on Thursday, March 21st. UBS Group lifted their price objective on Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Piper Sandler lifted their price objective on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Wells Fargo & Company lifted their price objective on Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Finally, Rosenblatt Securities restated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.20.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total transaction of $844,900.00. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at $86,789,214.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 306,890 shares of company stock worth $33,005,157 over the last three months. Corporate insiders own 0.32% of the company’s stock.

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.