Connor Clark & Lunn Investment Management Ltd. Sells 862,381 Shares of Micron Technology, Inc. (NASDAQ:MU)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Micron Technology, Inc. (NASDAQ:MU) by 87.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 128,294 shares of the semiconductor manufacturer’s stock after selling 862,381 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Micron Technology were worth $13,305,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Howe & Rusling Inc. lifted its position in shares of Micron Technology by 0.8% during the 3rd quarter. Howe & Rusling Inc. now owns 103,968 shares of the semiconductor manufacturer’s stock valued at $10,782,000 after buying an additional 816 shares in the last quarter. Jennison Associates LLC purchased a new position in Micron Technology in the 3rd quarter valued at about $1,114,000. Commerce Bank boosted its holdings in Micron Technology by 4.0% in the 3rd quarter. Commerce Bank now owns 53,417 shares of the semiconductor manufacturer’s stock worth $5,540,000 after buying an additional 2,068 shares during the last quarter. Northwest Bancshares Inc. raised its holdings in shares of Micron Technology by 11.8% during the third quarter. Northwest Bancshares Inc. now owns 7,833 shares of the semiconductor manufacturer’s stock valued at $812,000 after acquiring an additional 825 shares during the last quarter. Finally, Strategy Asset Managers LLC acquired a new stake in Micron Technology during the 3rd quarter worth $511,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MU. KeyCorp reduced their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. Morgan Stanley lifted their price target on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. TD Cowen upped their price objective on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Citigroup lowered their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their target price for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Stock Performance

Shares of MU stock opened at $102.43 on Friday. The stock has a market capitalization of $113.57 billion, a PE ratio of 150.63 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a one year low of $72.93 and a one year high of $157.54. The business’s 50 day simple moving average is $102.23 and its 200 day simple moving average is $112.35.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.21) EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio is presently 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.