Micron Technology (NASDAQ:MU) Trading Up 0.8%

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 0.8% during mid-day trading on Thursday . The stock traded as high as $112.09 and last traded at $110.62. 5,111,824 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 20,191,010 shares. The stock had previously closed at $109.70.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research analyst reports. Piper Sandler upped their target price on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Wedbush raised their price objective on Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, March 21st. Morgan Stanley upped their target price on Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a report on Thursday, March 21st. Stifel Nicolaus restated a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research note on Friday, April 12th. Finally, Robert W. Baird lifted their price objective on Micron Technology from $78.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Price Performance

The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $108.38 and a two-hundred day simple moving average of $89.36.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping 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 company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the business earned ($2.03) EPS. Micron Technology’s revenue for the quarter was up 57.7% on a year-over-year basis. On average, equities analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is presently -13.33%.

Insider Buying and Selling

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $80.44, for a total value of $563,080.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares in the company, valued at $63,431,525.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $80.44, for a total value of $563,080.00. Following the sale, the chief executive officer now directly owns 788,557 shares in the company, valued at $63,431,525.08. The disclosure for this sale can be found here. Insiders sold 323,890 shares of company stock worth $36,079,267 in the last 90 days. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently modified their holdings of the stock. Tidemark LLC purchased a new stake in Micron Technology during the fourth quarter worth $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology during the 1st quarter valued at about $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology during the 4th quarter valued at about $26,000. OFI Invest Asset Management purchased a new position in shares of Micron Technology in the 3rd quarter valued at about $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Micron Technology in the 3rd quarter worth about $28,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.