Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

02 Dec 2023, 11:32 by Doug Wharley · The Cerbat Gem

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 98,691 shares of the semiconductor manufacturer’s stock after buying an additional 1,438 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Micron Technology were worth $6,228,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Studio Investment Management LLC boosted its stake in shares of Micron Technology by 0.8% during the fourth quarter. Studio Investment Management LLC now owns 21,367 shares of the semiconductor manufacturer’s stock valued at $1,068,000 after acquiring an additional 167 shares during the last quarter. Schear Investment Advisers LLC raised its holdings in Micron Technology by 2.4% in the 2nd quarter. Schear Investment Advisers LLC now owns 7,022 shares of the semiconductor manufacturer’s stock valued at $443,000 after acquiring an additional 167 shares during the last quarter. Stonebridge Capital Advisors LLC lifted its stake in shares of Micron Technology by 6.6% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock worth $210,000 after purchasing an additional 168 shares during the period. 9258 Wealth Management LLC boosted its holdings in shares of Micron Technology by 0.4% during the second quarter. 9258 Wealth Management LLC now owns 43,393 shares of the semiconductor manufacturer’s stock worth $2,739,000 after purchasing an additional 169 shares during the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC boosted its stake in Micron Technology by 2.0% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 9,117 shares of the semiconductor manufacturer’s stock worth $575,000 after buying an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 79.25% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $75.93 on Friday. The company has a current ratio of 4.46, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a twelve month low of $48.43 and a twelve month high of $79.02. The business has a 50 day simple moving average of $71.33 and a 200-day simple moving average of $68.57. The company has a market capitalization of $83.81 billion, a price-to-earnings ratio of -14.22 and a beta of 1.31.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.08. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Micron Technology had a negative net margin of 37.53% and a negative return on equity of 11.65%. Micron Technology’s revenue was down 39.6% on a year-over-year basis. During the same quarter last year, the company posted $1.36 earnings per share. As a group, equities research analysts expect that Micron Technology, Inc. will post -2.2 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, October 10th were given a $0.115 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $0.46 annualized dividend and a yield of 0.61%. Micron Technology’s dividend payout ratio is presently -8.61%.

Analyst Ratings Changes

MU has been the subject of a number of recent analyst reports. Barclays boosted their target price on shares of Micron Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Micron Technology from $75.00 to $80.00 in a research report on Thursday, September 28th. Morgan Stanley increased their target price on shares of Micron Technology from $58.50 to $71.50 and gave the stock an “underweight” rating in a research report on Monday, November 27th. Evercore ISI raised their target price on shares of Micron Technology from $80.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, September 26th. Finally, Bank of America upped their price target on shares of Micron Technology from $70.00 to $77.00 in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.33.

View Our Latest Stock Report on MU

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 22,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $76.94, for a total value of $1,692,680.00. Following the sale, the chief executive officer now directly owns 748,759 shares in the company, valued at approximately $57,609,517.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Scott R. Allen sold 8,882 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $67.79, for a total transaction of $602,110.78. Following the transaction, the chief accounting officer now owns 49,575 shares in the company, valued at $3,360,689.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $76.94, for a total value of $1,692,680.00. Following the completion of the sale, the chief executive officer now owns 748,759 shares of the company’s stock, valued at $57,609,517.46. The disclosure for this sale can be found here. Insiders sold 118,390 shares of company stock valued at $8,453,003 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Micron Technology Profile

(Free Report)

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.