Micron Technology (NASDAQ:MU) Trading 6.8% Higher

Micron Technology, Inc. (NASDAQ:MU) was up 6.8% on Wednesday . The stock traded as high as $110.81 and last traded at $109.54. Approximately 8,650,973 shares were traded during trading, a decline of 59% from the average daily volume of 20,893,057 shares. The stock had previously closed at $102.56.

Wall Street Analyst Weigh In

MU has been the topic of several recent analyst reports. Cantor Fitzgerald boosted their target price on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Susquehanna lifted their price objective on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a report on Monday, June 17th. Barclays lifted their price objective on Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Bank of America raised their target price on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Finally, Piper Sandler upped their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.72.

Micron Technology Price Performance

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 firm has a market cap of $121.77 billion, a price-to-earnings ratio of -77.14 and a beta of 1.18. The stock’s 50-day moving average price is $130.09 and its 200 day moving average price is $112.56.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the company earned ($1.57) EPS. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. Equities research analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio is -32.39%.

Insider Activity

In other Micron Technology news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total value of $1,851,300.00. Following the sale, the senior vice president now owns 138,387 shares in the company, valued at approximately $17,079,723.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the sale, the senior vice president now owns 138,387 shares of the company’s stock, valued at approximately $17,079,723.54. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. Insiders have sold 174,730 shares of company stock worth $22,485,299 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Atria Investments Inc grew its stake in Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares in the last quarter. Aspect Partners LLC increased its stake in Micron Technology by 39.8% in the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after acquiring an additional 94 shares during the last quarter. Revolve Wealth Partners LLC raised its position in Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after purchasing an additional 98 shares in the last quarter. Ameritas Advisory Services LLC lifted its stake in Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after purchasing an additional 98 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings in shares of Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares in the last quarter. Institutional investors and hedge funds 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.