Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 48.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,523,409 shares of the semiconductor manufacturer’s stock after selling 1,436,072 shares during the period. Canada Pension Plan Investment Board owned 0.14% of Micron Technology worth $200,374,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Tidemark LLC bought a new position in Micron Technology during the fourth quarter valued at about $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology during the 1st quarter valued at about $25,000. Pingora Partners LLC bought a new stake in Micron Technology in the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Micron Technology during the 2nd quarter valued at about $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology in the fourth quarter valued at approximately $29,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 1.8 %

NASDAQ MU opened at $90.90 on Friday. The stock has a market capitalization of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. Micron Technology, Inc. has a 52 week low of $63.83 and a 52 week high of $157.54. The stock’s 50 day moving average price is $99.81 and its two-hundred day moving average price is $114.56. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue was up 81.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.57) EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Rosenblatt Securities reissued a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a research report on Tuesday, June 25th. Morgan Stanley lowered their price objective on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. TD Cowen cut their target price on shares of Micron Technology from $160.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday. JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC lowered their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $145.65.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is currently owned by insiders.

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.