Micron Technology (NASDAQ:MU) Trading Up 1.3%

Micron Technology, Inc. (NASDAQ:MU) shares traded up 1.3% during trading on Wednesday . The stock traded as high as $90.28 and last traded at $89.70. 6,215,835 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 21,297,498 shares. The stock had previously closed at $88.58.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MU shares. Bank of America lifted their price target on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Citigroup upped their price target on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Morgan Stanley lifted their price objective on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, June 24th. The Goldman Sachs Group upped their target price on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, Stifel Nicolaus lifted their price target on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $157.12.

Micron Technology Stock Performance

The firm’s fifty day moving average is $109.63 and its 200 day moving average is $114.52. The firm has a market capitalization of $99.12 billion, a price-to-earnings ratio of -62.95 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period last year, the company earned ($1.57) earnings per share. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued 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 0.51%. Micron Technology’s dividend payout ratio is currently -32.39%.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Insiders have sold 46,174 shares of company stock valued at $6,827,113 over the last three months. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new position in Micron Technology in the 2nd quarter valued at approximately $5,306,000. Gordian Capital Singapore Pte Ltd bought a new position in Micron Technology in the second quarter worth $92,000. Strategic Investment Solutions Inc. IL acquired a new stake in Micron Technology during the second quarter worth $39,000. Gibson Wealth Advisors LLC increased its holdings in Micron Technology by 18.4% in the 2nd quarter. Gibson Wealth Advisors LLC now owns 3,866 shares of the semiconductor manufacturer’s stock valued at $508,000 after buying an additional 600 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new position in shares of Micron Technology in the 2nd quarter valued at $17,027,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.