Micron Technology (NASDAQ:MU) Stock Price Up 1.1% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price rose 1.1% during mid-day trading on Thursday . The company traded as high as $102.29 and last traded at $101.00. Approximately 5,017,911 shares changed hands during trading, a decline of 77% from the average daily volume of 21,632,182 shares. The stock had previously closed at $99.92.

Analysts Set New Price Targets

Several brokerages have commented on MU. Stifel Nicolaus decreased their price target on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. UBS Group cut their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. China Renaissance initiated coverage on Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective for the company. KeyCorp cut their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. Finally, Citigroup decreased their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. One 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Down 2.9 %

The firm has a 50-day simple moving average of $101.33 and a 200 day simple moving average of $112.72. The company has a market capitalization of $106.82 billion, a PE ratio of 141.68 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.21) earnings per share. On average, research analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Monday, October 7th. Micron Technology’s payout ratio is 67.65%.

Insider Buying and Selling 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 shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology during the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology during the 2nd quarter worth about $28,000. Davis Capital Management bought a new stake in shares of Micron Technology during the 3rd quarter worth about $30,000. True Wealth Design LLC lifted its stake in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares during the period. Finally, Richard W. Paul & Associates LLC boosted its holdings in shares of Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.