CIBC Private Wealth Group LLC Has $1.19 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

CIBC Private Wealth Group LLC lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 43.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,178 shares of the semiconductor manufacturer's stock after buying an additional 4,264 shares during the period. CIBC Private Wealth Group LLC's holdings in Micron Technology were worth $1,193,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Micron Technology during the 4th quarter worth $1,470,875,000. Nomura Asset Management Co. Ltd. raised its position in Micron Technology by 339.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,255,000 shares of the semiconductor manufacturer's stock worth $189,781,000 after acquiring an additional 1,742,073 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $135,865,000. State Street Corp grew its position in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC increased its stake in shares of Micron Technology by 254.4% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer's stock worth $192,840,000 after purchasing an additional 1,334,690 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on MU shares. The Goldman Sachs Group reduced their price objective on shares of Micron Technology from $145.00 to $128.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. China Renaissance lowered shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price on the stock. in a report on Wednesday, March 26th. Finally, Wedbush reiterated an "outperform" rating and issued a $125.00 price target on shares of Micron Technology in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $129.76.

Micron Technology Stock Performance

Shares of MU traded down $9.62 during mid-day trading on Friday, reaching $64.72. 50,571,490 shares of the company's stock traded hands, compared to its average volume of 22,786,361. The business's 50-day moving average price is $93.42 and its 200-day moving average price is $98.10. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market capitalization of $72.33 billion, a P/E ratio of 18.65 and a beta of 1.23. Micron Technology, Inc. has a 12 month low of $63.86 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology's revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. Equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.71%. Micron Technology's dividend payout ratio is currently 11.03%.

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.