Micron Technology (NASDAQ:MU) Stock Price Up 2.1% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU) shares were up 2.1% during mid-day trading on Friday . The company traded as high as $105.00 and last traded at $104.75. Approximately 6,046,556 shares were traded during trading, a decline of 76% from the average daily volume of 25,174,287 shares. The stock had previously closed at $102.60.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MU shares. Barclays decreased their price objective on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Needham & Company LLC dropped their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Wells Fargo & Company reduced their price objective on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Susquehanna dropped their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday, September 26th. Finally, Wedbush restated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Stock Performance

The firm has a 50 day moving average price of $97.87 and a 200-day moving average price of $102.48. The stock has a market capitalization of $117.82 billion, a PE ratio of 30.48 and a beta of 1.18. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.95) EPS. Research analysts expect that Micron Technology, Inc. will post 6.25 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in MU. Avior Wealth Management LLC lifted its stake in Micron Technology by 7.0% in the 4th quarter. Avior Wealth Management LLC now owns 32,904 shares of the semiconductor manufacturer’s stock valued at $2,769,000 after buying an additional 2,141 shares in the last quarter. Beacon Investment Advisory Services Inc. raised its position in shares of Micron Technology by 33.9% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 6,291 shares of the semiconductor manufacturer’s stock valued at $529,000 after buying an additional 1,591 shares during the period. Teamwork Financial Advisors LLC purchased a new stake in Micron Technology in the fourth quarter valued at $997,000. Bartlett & CO. Wealth Management LLC lifted its position in Micron Technology by 13.1% in the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 10,916 shares of the semiconductor manufacturer’s stock valued at $920,000 after buying an additional 1,264 shares during the last quarter. Finally, Simon Quick Advisors LLC lifted its holdings in shares of Micron Technology by 6.3% in the 4th quarter. Simon Quick Advisors LLC now owns 4,294 shares of the semiconductor manufacturer’s stock worth $361,000 after acquiring an additional 253 shares during the last quarter. Institutional investors and hedge funds 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.