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

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 60.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,107 shares of the semiconductor manufacturer’s stock after purchasing an additional 79,865 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Micron Technology were worth $27,898,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MU. DecisionPoint Financial LLC bought a new stake in Micron Technology during the first quarter worth approximately $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Micron Technology in the second quarter worth approximately $28,000. Frank Rimerman Advisors LLC acquired a new position in Micron Technology in the fourth quarter worth approximately $29,000. Finally, Valued Wealth Advisors LLC grew its position in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 0.5 %

Shares of NASDAQ:MU opened at $94.00 on Wednesday. The stock has a market capitalization of $104.23 billion, a PE ratio of -66.20 and a beta of 1.17. Micron Technology, Inc. has a 1 year low of $63.83 and a 1 year high of $157.54. The firm has a fifty day moving average price of $98.39 and a 200 day moving average price of $114.77. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. Micron Technology’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period in the prior year, the company posted ($1.57) earnings per share. Analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’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 completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Needham & Company LLC decreased their price target on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Cantor Fitzgerald lifted their price target on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. UBS Group decreased their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Morgan Stanley decreased their price target on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Wolfe Research lifted their price target on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $145.65.

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.