Micron Technology, Inc. (NASDAQ:MU) Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 357,035 shares of the semiconductor manufacturer's stock after purchasing an additional 11,473 shares during the period. CIBC Asset Management Inc's holdings in Micron Technology were worth $30,048,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Street Corp increased its position in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Primecap Management Co. CA grew its holdings in shares of Micron Technology by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer's stock worth $3,902,800,000 after acquiring an additional 206,499 shares during the period. Geode Capital Management LLC increased its stake in Micron Technology by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer's stock valued at $2,451,987,000 after purchasing an additional 892,607 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Micron Technology by 21.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer's stock worth $1,174,643,000 after purchasing an additional 2,022,180 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Micron Technology by 30.6% during the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer's stock worth $1,109,769,000 after purchasing an additional 2,477,985 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MU. Wells Fargo & Company dropped their price target on Micron Technology from $175.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Piper Sandler reduced their price target on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $250.00 price target on shares of Micron Technology in a report on Wednesday, December 18th. UBS Group reduced their price target on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. Finally, Bank of America downgraded shares of Micron Technology from a "buy" rating to a "neutral" rating and reduced their price target for the company from $125.00 to $110.00 in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $134.96.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares of the company's stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.30% of the company's stock.

Micron Technology Trading Down 4.3 %

MU stock traded down $4.40 on Friday, hitting $98.78. 18,633,227 shares of the company were exchanged, compared to its average volume of 22,918,740. Micron Technology, Inc. has a twelve month low of $83.54 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The business's fifty day moving average is $96.28 and its two-hundred day moving average is $98.76. The stock has a market capitalization of $110.06 billion, a price-to-earnings ratio of 28.47 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the business earned ($0.95) earnings per share. The business's quarterly revenue was up 84.3% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, December 30th. Micron Technology's payout ratio is currently 13.26%.

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.