Micron Technology (NASDAQ:MU) Stock Price Up 6% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU) traded up 6% during mid-day trading on Wednesday . The company traded as high as $103.72 and last traded at $103.17. 10,691,555 shares were traded during mid-day trading, a decline of 60% from the average session volume of 26,420,477 shares. The stock had previously closed at $97.36.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Mizuho lowered their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Morgan Stanley lowered their target price on Micron Technology from $114.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. The Goldman Sachs Group lowered their target price on Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler lowered their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Barclays lowered their target price on Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Trading Up 6.1 %

The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $115.08 billion, a price-to-earnings ratio of 151.90 and a beta of 1.18. The company has a fifty day moving average of $98.39 and a 200-day moving average of $102.65.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the previous year, the firm posted ($0.95) EPS. Micron Technology’s revenue was up 84.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Van ECK Associates Corp raised its holdings in Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after buying an additional 2,477,985 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Micron Technology by 21.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock valued at $1,174,643,000 after buying an additional 2,022,180 shares during the period. State Street Corp increased its stake in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Worldquant Millennium Advisors LLC increased its stake in Micron Technology by 254.4% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock worth $192,840,000 after purchasing an additional 1,334,690 shares during the period. Finally, International Assets Investment Management LLC increased its stake in Micron Technology by 1,233.7% during the third quarter. International Assets Investment Management LLC now owns 1,430,619 shares of the semiconductor manufacturer’s stock worth $145,470,000 after purchasing an additional 1,323,352 shares during the period. 80.84% of the stock is currently owned by hedge funds and other 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.