Micron Technology (NASDAQ:MU) Shares Gap Up to $102.56

Micron Technology, Inc. (NASDAQ:MU)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $102.56, but opened at $109.85. Micron Technology shares last traded at $110.29, with a volume of 3,778,402 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Robert W. Baird raised their target price on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research report on Monday, June 24th. Wedbush reissued an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a report on Thursday, June 27th. Piper Sandler lifted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. TD Cowen lifted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Finally, Bank of America lifted their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Trading Down 8.7 %

The business’s 50-day moving average price is $129.26 and its 200 day moving average price is $112.47. 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 has a market capitalization of $102.79 billion, a price-to-earnings ratio of -65.59 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the previous year, the firm earned ($1.57) earnings per share. The business’s revenue was up 81.5% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $120.32, for a total value of $842,240.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $86,515,975.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 174,730 shares of company stock worth $22,485,299. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidemark LLC acquired a new stake in shares of Micron Technology in the fourth quarter worth $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology in the first quarter worth $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the second quarter worth $28,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in shares of Micron Technology in the fourth quarter worth $29,000. 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.