Micron Technology, Inc. (NASDAQ:MU) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its stake in Micron Technology, Inc. (NASDAQ:MU) by 23.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 292,504 shares of the semiconductor manufacturer’s stock after selling 91,673 shares during the period. Mackenzie Financial Corp’s holdings in Micron Technology were worth $38,473,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in MU. Vanguard Group Inc. lifted its stake in Micron Technology by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock valued at $11,396,024,000 after buying an additional 1,681,815 shares in the last quarter. Capital World Investors lifted its position in Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after buying an additional 1,400,154 shares in the last quarter. Capital International Investors boosted its stake in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after buying an additional 2,397,885 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after buying an additional 3,315,988 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Micron Technology by 6.9% in the 2nd quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer’s stock worth $1,063,580,000 after acquiring an additional 519,641 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MU. JPMorgan Chase & Co. upped their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. KeyCorp decreased their price objective on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Susquehanna reduced their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Robert W. Baird dropped their target price on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a report on Friday. 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $144.38.

Micron Technology Stock Performance

Shares of MU opened at $107.50 on Friday. The company has a market capitalization of $119.20 billion, a price-to-earnings ratio of -75.70, a price-to-earnings-growth ratio of 0.20 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 company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $97.63 and a 200 day moving average price of $114.81.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.21) EPS. Research analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Monday, October 7th. Micron Technology’s payout ratio is -32.39%.

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.