Micron Technology (NASDAQ:MU) Stock Price Up 0.4% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) shares rose 0.4% during mid-day trading on Wednesday . The company traded as high as $90.45 and last traded at $88.57. Approximately 8,023,818 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 26,084,561 shares. The stock had previously closed at $88.25.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MU shares. The Goldman Sachs Group lowered their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Morgan Stanley decreased their price target on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, China Renaissance began coverage on shares of Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Trading Down 0.2 %

The business has a 50 day simple moving average of $97.65 and a 200-day simple moving average of $100.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market capitalization of $102.89 billion, a P/E ratio of 26.61 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company’s revenue was up 84.3% compared to the same quarter last year. During the same period last year, the company posted ($0.95) EPS. On average, analysts predict that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.50%. Micron Technology’s dividend payout ratio (DPR) is currently 13.26%.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction 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. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. Sierra Ocean LLC bought a new stake in Micron Technology during the 4th quarter worth approximately $65,000. JFS Wealth Advisors LLC lifted its stake in shares of Micron Technology by 20.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 1,681 shares of the semiconductor manufacturer’s stock valued at $141,000 after purchasing an additional 285 shares during the period. J.W. Cole Advisors Inc. lifted its stake in shares of Micron Technology by 1.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 17,533 shares of the semiconductor manufacturer’s stock valued at $1,476,000 after purchasing an additional 329 shares during the period. Csenge Advisory Group lifted its stake in shares of Micron Technology by 56.4% in the 4th quarter. Csenge Advisory Group now owns 5,500 shares of the semiconductor manufacturer’s stock valued at $463,000 after purchasing an additional 1,983 shares during the period. Finally, Palouse Capital Management Inc. acquired a new position in shares of Micron Technology in the 4th quarter valued at $1,103,000. 80.84% of the stock is currently owned by 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.