Micron Technology (NASDAQ:MU) Reaches New 1-Year High at $131.95

Micron Technology, Inc. (NASDAQ:MU) reached a new 52-week high on Thursday . The company traded as high as $131.95 and last traded at $128.62, with a volume of 5321393 shares. The stock had previously closed at $126.28.

Analyst Ratings Changes

Several research firms recently issued reports on MU. Needham & Company LLC increased their target price on Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Cantor Fitzgerald increased their target price on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Piper Sandler increased their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Barclays increased their price target on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Finally, Bank of America increased their price target on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.92.

Micron Technology Stock Performance

The stock has a 50-day simple moving average of $116.63 and a 200-day simple moving average of $94.91. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The stock has a market cap of $142.88 billion, a PE ratio of -37.17 and a beta of 1.27.

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

Micron Technology Announces Dividend

The company 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. This represents a $0.46 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is presently -13.33%.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now directly owns 728,557 shares in the company, valued at approximately $94,712,410. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the transaction, the senior vice president now owns 138,387 shares in the company, valued at approximately $17,079,723.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The disclosure for this sale can be found here. Insiders have sold a total of 410,446 shares of company stock valued at $47,304,703 in the last quarter. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently bought and sold shares of the company. Tidemark LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at about $25,000. DecisionPoint Financial LLC acquired a new position in Micron Technology in the first quarter worth approximately $25,000. Pingora Partners LLC acquired a new position in Micron Technology in the fourth quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Micron Technology in the third quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC acquired a new position in Micron Technology in the fourth quarter worth approximately $29,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.