Cibc World Markets Corp increased its stake in Micron Technology, Inc. (NASDAQ:MU) by 14.2% during the fourth quarter, according to a recent filing with the Securities and Exchange Commission. The institutional investor now holds 199,629 shares of the semiconductor manufacturer’s stock, having added 24,786 shares during the period. At the end of the quarter, Cibc World Markets Corp’s holdings in Micron Technology were valued at $16.801 million.
Several other institutional investors and hedge funds have also modified their positions in Micron Technology. UBS AM, a business unit of UBS ASSET MANAGEMENT AMERICAS LLC, increased its holdings by 21.7% in the third quarter, now owning 11,326,224 shares worth $1.174 billion after acquiring an additional 2,022,180 shares. Raymond James Financial Inc. initiated a new position, buying shares valued at approximately $135.865 million during the fourth quarter. State Street Corp increased its stake by 3.1% during the third quarter, and now holds 48,226,710 shares worth $5.001 billion after purchasing an additional 1,434,568 shares. Worldquant Millennium Advisors LLC increased its holdings by 254.4% in the third quarter, owning 1,859,416 shares valued at $192.84 million after acquiring an additional 1,334,690 shares. Finally, Bridgewater Associates LP opened a new position during the third quarter, valued at approximately $102.018 million. Institutional investors collectively own 80.84% of the company’s stock.
In separate news, there has also been some insider activity. EVP April S. Arnzen sold 4,890 shares on December 20th at an average price of $85.21, for a total of $416,676.90. Following the sale, Arnzen holds 181,223 shares, valued at approximately $15.442 million. Director Mary Pat Mccarthy sold 2,404 shares on March 3rd at an average price of $92.93, for a total transaction of $223,403.72. After this transaction, the director owns 27,358 shares valued at $2.542 million.
On Thursday, Micron Technology (NASDAQ:MU) traded up $2.44, reaching $104.50. A total of 7,744,332 shares were exchanged, compared to an average volume of 22,661,260 shares. The stock’s 50-day simple moving average is $96.84, and the 200-day simple moving average is $98.19. The stock has a 52-week low of $83.54 and a 52-week high of $157.54. Further financial data includes a debt-to-equity ratio of 0.28, a current ratio of 2.72, and a quick ratio of 1.75. The company’s market capitalization is $116.44 billion, with a price-to-earnings ratio of 30.05 and a beta of 1.23.
Micron Technology last announced its earnings results on December 18th, reporting earnings per share (EPS) of $1.79 for the quarter, surpassing the consensus estimate of $1.60 by $0.19. Revenue for the quarter was $8.71 billion, matching analyst estimates. The company reported a net margin of 13.34% and a return on equity of 8.32%. Revenue increased 84.3% year-over-year. For the current year, analysts predict Micron Technology, Inc. will post $6.08 earnings per share.
Analyst ratings for MU have seen some adjustments recently. Bank of America downgraded the stock from “buy” to “neutral” and decreased its target price from $125 to $110. Piper Sandler reduced its target price from $150 to $120, while maintaining an “overweight” rating. Wells Fargo & Company lowered its price target from $140 to $130, also with an “overweight” rating. Sanford C. Bernstein decreased its price objective from $140 to $120 while maintaining an “outperform” rating. Morgan Stanley cut its target price from $98 to $91 and assigned an “equal weight” rating. Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $134.16, according to data from MarketBeat.com.
