Micron Technology (NASDAQ:MU) Trading Up 2%

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 2% during mid-day trading on Tuesday . The company traded as high as $112.65 and last traded at $111.34. 5,368,592 shares changed hands during trading, a decline of 74% from the average session volume of 20,419,357 shares. The stock had previously closed at $109.12.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MU. Bank of America raised their price objective on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Stifel Nicolaus restated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Friday, April 12th. Morgan Stanley raised their target price on shares of Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research note on Thursday, March 21st. Robert W. Baird raised their target price on shares of Micron Technology from $78.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, March 19th. Finally, Cantor Fitzgerald raised their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Stock Performance

The firm has a market cap of $124.38 billion, a PE ratio of -32.27 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm’s 50 day simple moving average is $103.42 and its 200 day simple moving average is $87.22.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.03) EPS. On average, research analysts forecast that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is currently -13.33%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $80.44, for a total transaction of $563,080.00. Following the transaction, the chief executive officer now directly owns 788,557 shares in the company, valued at approximately $63,431,525.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 306,890 shares of company stock worth $33,005,157 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the stock. Tidemark LLC bought a new position in Micron Technology in the 4th quarter worth about $25,000. Pingora Partners LLC bought a new position in Micron Technology in the 4th quarter worth about $26,000. Riverview Trust Co purchased a new stake in shares of Micron Technology in the 1st quarter worth approximately $39,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $29,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 3rd quarter worth approximately $28,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company 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.