Micron Technology (NASDAQ:MU) Shares Gap Up to $114.70

Micron Technology, Inc. (NASDAQ:MU)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $114.70, but opened at $119.78. Micron Technology shares last traded at $120.61, with a volume of 7,018,084 shares changing hands.

Analyst Ratings Changes

MU has been the topic of several analyst reports. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Wedbush boosted their target price on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, March 21st. StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Stifel Nicolaus reiterated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Friday, April 12th. Finally, Cantor Fitzgerald raised their target price on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average price target of $123.60.

Micron Technology Price Performance

The firm has a fifty day moving average of $110.11 and a two-hundred day moving average of $90.70. The stock has a market capitalization of $131.61 billion, a P/E ratio of -34.55 and a beta of 1.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the firm posted ($2.03) EPS. The company’s revenue for the quarter was up 57.7% on a year-over-year basis. On average, analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. Micron Technology’s dividend payout ratio is currently -13.33%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $82.03, for a total value of $574,210.00. Following the transaction, the chief executive officer now owns 788,557 shares in the company, valued at $64,685,330.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $82.03, for a total value of $574,210.00. Following the completion of the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at $64,685,330.71. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 316,890 shares of company stock valued at $35,485,387. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Northern Trust Corp boosted its position in Micron Technology by 0.7% in the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after buying an additional 80,345 shares during the last quarter. L2 Asset Management LLC increased its stake in shares of Micron Technology by 492.3% in the third quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock worth $1,799,000 after acquiring an additional 21,979 shares during the period. Invesco Ltd. increased its stake in shares of Micron Technology by 11.8% in the third quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock worth $599,203,000 after acquiring an additional 927,302 shares during the period. Merlin Capital Inc purchased a new position in shares of Micron Technology during the third quarter worth $407,000. Finally, Amitell Capital Pte Ltd lifted its position in Micron Technology by 97.9% during the third quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after purchasing an additional 47,105 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.