CIBC Asset Management Inc Boosts Stock Position in Micron Technology, Inc. (NASDAQ:MU)

CIBC Asset Management Inc boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 6.5% during the third quarter, Holdings Channel reports. The firm owned 345,562 shares of the semiconductor manufacturer’s stock after acquiring an additional 21,038 shares during the quarter. CIBC Asset Management Inc’s holdings in Micron Technology were worth $35,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MU. Atria Investments Inc increased its stake in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the period. Aspect Partners LLC boosted its stake in shares of Micron Technology by 39.8% during the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after purchasing an additional 94 shares in the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after acquiring an additional 98 shares during the period. LRI Investments LLC grew its stake in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the period. Finally, E&G Advisors LP increased its stake in shares of Micron Technology by 5.2% in the 2nd quarter. E&G Advisors LP now owns 2,015 shares of the semiconductor manufacturer’s stock worth $265,000 after acquiring an additional 100 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MU shares. Robert W. Baird lowered their price target on Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, September 27th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and cut their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Morgan Stanley upped their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. UBS Group decreased their price objective on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Finally, China Renaissance initiated coverage on shares of Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Price Performance

Micron Technology stock opened at $96.34 on Friday. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The firm has a market cap of $106.82 billion, a PE ratio of 141.68 and a beta of 1.18. The company’s 50 day moving average is $101.13 and its two-hundred day moving average is $112.85.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the company earned ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.48%. Micron Technology’s payout ratio is currently 67.65%.

Micron Technology Company 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.