Micron Technology (NASDAQ:MU) Stock Price Up 2.8%

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded up 2.8% on Wednesday . The company traded as high as $93.58 and last traded at $91.45. 12,155,607 shares changed hands during trading, a decline of 43% from the average session volume of 21,275,943 shares. The stock had previously closed at $89.00.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MU. Bank of America upped their price objective on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, June 17th. The Goldman Sachs Group raised their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Morgan Stanley upped their target price on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, June 24th. Stifel Nicolaus lifted their price target on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, TD Cowen upped their price objective on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $157.92.

Micron Technology Price Performance

The company’s 50-day simple moving average is $126.87 and its 200 day simple moving average is $112.99. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The company has a market cap of $97.01 billion, a PE ratio of -64.40 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. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.57) earnings per share. On average, sell-side analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Activity

In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares in the company, valued at approximately $30,981,985.89. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders sold a total of 114,413 shares of company stock worth $15,288,739 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently modified their holdings of MU. Allworth Financial LP lifted its position in shares of Micron Technology by 3.0% during the 4th quarter. Allworth Financial LP now owns 5,125 shares of the semiconductor manufacturer’s stock valued at $437,000 after acquiring an additional 150 shares during the last quarter. Bleakley Financial Group LLC lifted its position in shares of Micron Technology by 0.9% in the fourth quarter. Bleakley Financial Group LLC now owns 51,650 shares of the semiconductor manufacturer’s stock worth $4,408,000 after buying an additional 442 shares during the last quarter. Busey Bank boosted its stake in shares of Micron Technology by 4.3% during the 4th quarter. Busey Bank now owns 28,215 shares of the semiconductor manufacturer’s stock worth $2,408,000 after acquiring an additional 1,160 shares in the last quarter. E&G Advisors LP acquired a new position in shares of Micron Technology during the 4th quarter valued at about $205,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Micron Technology by 15.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 255,840 shares of the semiconductor manufacturer’s stock worth $21,833,000 after purchasing an additional 33,493 shares during the last quarter. Institutional investors 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.