CIBC Asset Management Inc raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 35.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 196,940 shares of the semiconductor manufacturer’s stock after acquiring an additional 51,410 shares during the period. CIBC Asset Management Inc’s holdings in Micron Technology were worth $10,328,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Alethea Capital Management LLC acquired a new position in shares of Micron Technology in the second quarter valued at approximately $134,000. Tradewinds Capital Management LLC grew its holdings in shares of Micron Technology by 411.8% in the second quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,606 shares in the last quarter. Clearwater Capital Advisors LLC acquired a new position in shares of Micron Technology in the first quarter valued at approximately $104,000. Brasada Capital Management LP grew its holdings in shares of Micron Technology by 100.0% in the first quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares in the last quarter. Finally, America First Investment Advisors LLC acquired a new position in shares of Micron Technology in the second quarter valued at approximately $131,000. Institutional investors and hedge funds own 77.43% of the company’s stock.

In related news, Director Robert E. Switz sold 25,000 shares of the company’s stock in a transaction on Friday, July 13th. The shares were sold at an average price of $56.00, for a total value of $1,400,000.00. Following the completion of the sale, the director now owns 120,257 shares in the company, valued at approximately $6,734,392. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the company’s stock in a transaction on Friday, July 20th. The shares were sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the sale, the senior vice president now owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The disclosure for this sale can be found here. Insiders have sold a total of 140,000 shares of company stock valued at $7,604,100 in the last 90 days. Insiders own 0.53% of the company’s stock.

MU has been the subject of a number of research reports. ValuEngine cut shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Barclays lifted their price objective on shares of Micron Technology to $67.00 and gave the company an “overweight” rating in a report on Thursday, June 21st. BidaskClub cut shares of Micron Technology from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Evercore ISI lifted their price objective on shares of Micron Technology from $80.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, June 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Micron Technology to $108.00 and gave the company a “buy” rating in a report on Thursday, June 21st. Nine equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $71.83.

Shares of NASDAQ:MU opened at $50.70 on Friday. The company has a market cap of $58.27 billion, a PE ratio of 4.87, a P/E/G ratio of 0.53 and a beta of 1.61. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20. Micron Technology, Inc. has a twelve month low of $30.05 and a twelve month high of $64.66.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share for the quarter, topping the consensus estimate of $3.13 by $0.02. The business had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.76 billion. Micron Technology had a net margin of 43.35% and a return on equity of 51.12%. The company’s revenue was up 40.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 EPS. equities research analysts forecast that Micron Technology, Inc. will post 11.56 EPS for the current year.

Micron Technology announced that its board has approved a stock repurchase plan on Monday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 16.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Micron Technology Company Profile

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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