Micron Technology (NASDAQ:MU) Stock Price Up 4.8%

Shares of Micron Technology, Inc. (NASDAQ:MU) shot up 4.8% during mid-day trading on Friday . The stock traded as high as $91.45 and last traded at $91.36. 7,197,229 shares changed hands during trading, a decline of 66% from the average session volume of 21,270,043 shares. The stock had previously closed at $87.21.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Stifel Nicolaus boosted their price target on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Morgan Stanley boosted their target price on Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, June 24th. Mizuho raised their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. Wells Fargo & Company upped their price target on shares of Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, June 20th. Finally, Wolfe Research raised their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $152.31.

Micron Technology Price Performance

The company has a market capitalization of $101.15 billion, a P/E ratio of -64.24 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm’s 50-day moving average is $104.18 and its 200-day moving average is $114.85.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the firm posted ($1.57) EPS. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. Analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. SS&H Financial Advisors Inc. boosted its holdings in shares of Micron Technology by 3.2% during the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock valued at $2,797,000 after purchasing an additional 650 shares during the last quarter. Heritage Wealth Management Inc. bought a new position in Micron Technology during the second quarter valued at approximately $445,000. Sanctuary Advisors LLC bought a new position in Micron Technology during the second quarter valued at approximately $5,306,000. Gordian Capital Singapore Pte Ltd purchased a new position in Micron Technology during the 2nd quarter valued at approximately $92,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Micron Technology in the 2nd quarter worth approximately $39,000. 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.