Micron Technology (NASDAQ:MU) Stock Price Up 3% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 3% during mid-day trading on Friday . The company traded as high as $103.20 and last traded at $101.21. Approximately 10,329,012 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 21,240,842 shares. The stock had previously closed at $98.24.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Rosenblatt Securities increased their target price on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. UBS Group cut their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Needham & Company LLC reiterated a “buy” rating and set a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. Bank of America raised their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, China Renaissance initiated coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Trading Up 3.5 %

The firm’s 50-day moving average price is $103.57 and its 200-day moving average price is $109.87. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market cap of $113.23 billion, a P/E ratio of 148.13 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during 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%. The firm’s revenue was up 93.3% compared to the same quarter last year. During the same quarter last year, the company earned ($1.21) EPS. As a group, equities research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MU. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the 2nd quarter worth approximately $28,000. Davis Capital Management purchased a new position in shares of Micron Technology during the third quarter valued at approximately $30,000. True Wealth Design LLC raised its holdings in shares of Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Finally, Richard W. Paul & Associates LLC boosted its holdings in 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. 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.