Micron Technology (NASDAQ:MU) Trading Up 2%

Micron Technology, Inc. (NASDAQ:MU) shares were up 2% during mid-day trading on Tuesday . The company traded as high as $112.65 and last traded at $111.34. Approximately 5,368,592 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 20,419,357 shares. The stock had previously closed at $109.12.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MU shares. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. Bank of America lifted their price objective on Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Cantor Fitzgerald lifted their price objective on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Citigroup reissued a “buy” rating and set a $150.00 price objective on shares of Micron Technology in a report on Thursday, April 4th. Finally, Wells Fargo & Company lifted their price objective on Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Trading Up 2.9 %

The company has a market capitalization of $124.38 billion, a P/E ratio of -32.27 and a beta of 1.27. The business has a fifty day moving average price of $103.42 and a 200 day moving average price of $87.22. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. Micron Technology’s revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.03) earnings per share. On average, analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $86,789,214.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold 306,890 shares of company stock valued at $33,005,157 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Wesbanco Bank Inc. bought a new position in Micron Technology during the 1st quarter worth $255,000. Wealth Effects LLC bought a new position in Micron Technology during the 1st quarter worth $478,000. Stonegate Investment Group LLC grew its holdings in Micron Technology by 13.7% during the 1st quarter. Stonegate Investment Group LLC now owns 3,180 shares of the semiconductor manufacturer’s stock worth $375,000 after acquiring an additional 384 shares during the period. Mount Vernon Associates Inc. MD acquired a new stake in Micron Technology during the 1st quarter worth about $248,000. Finally, Pacific Sage Partners LLC acquired a new stake in Micron Technology during the 1st quarter worth about $205,000. 80.84% of the stock is owned by institutional investors.

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.