Micron Technology (NASDAQ:MU) Trading 0.4% Higher – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s share price rose 0.4% during mid-day trading on Thursday . The company traded as high as $101.25 and last traded at $98.74. Approximately 5,010,662 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 21,489,313 shares. The stock had previously closed at $98.37.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Robert W. Baird lowered their price objective on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research note on Friday, September 27th. TD Cowen increased their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Raymond James boosted their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Citigroup dropped their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, Wells Fargo & Company reduced their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Trading Down 0.1 %

The stock has a market capitalization of $113.80 billion, a PE ratio of 150.94 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $102.46 and a 200-day moving average price of $112.23.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.21) earnings per share. Sell-side analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MU. Van ECK Associates Corp raised its holdings in Micron Technology by 30.6% during the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after acquiring an additional 2,477,985 shares during the period. Swedbank AB increased its holdings in shares of Micron Technology by 473.8% in the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Micron Technology by 21.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after purchasing an additional 2,022,180 shares during the last quarter. State Street Corp increased its holdings in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC increased its holdings in shares of Micron Technology by 254.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock worth $192,840,000 after purchasing an additional 1,334,690 shares during the last quarter. 80.84% of the stock is 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.