NEW YORK (TheStreet) -- Micron Technology (MU) shares are up 0.84% to $32.57 in early market trading on Tuesday after the semiconductor manufacturer announced that CFO and VP of Finance Ronald C. Foster will be retiring from the company in 2015, an announcement that comes one day after a major stake holder revealed a steep reduction in the number of shares it holds in the company.
Yesterday, the activist investor David Einhorn-founded hedge fund Greenlight Capital revealed that it had reduced its stake in Micron to 30.5 million shares owned from 40.3 million shares owned, which led the stock to decline as much as 2% in trading.
Foster has been with Micron as its CFO since he joined the company in 2008 and will officially retire on February 28.
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TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, notable return on equity, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."