Micron Technology (NASDAQ:MU) Stock Price Up 1.2%

Micron Technology, Inc. (NASDAQ:MU)’s share price rose 1.2% during trading on Wednesday . The stock traded as high as $134.26 and last traded at $134.15. Approximately 5,527,664 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 20,647,547 shares. The stock had previously closed at $132.59.

Analysts Set New Price Targets

Several research firms have weighed in on MU. Rosenblatt Securities reissued a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. UBS Group cut their target price on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Susquehanna lifted their price target on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research report on Monday, June 17th. KeyCorp boosted their price target on Micron Technology from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Cantor Fitzgerald raised their price objective on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $158.52.

Micron Technology Stock Performance

The stock has a market cap of $149.59 billion, a PE ratio of -94.47 and a beta of 1.18. The stock has a fifty day simple moving average of $128.92 and a two-hundred day simple moving average of $107.17. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.57) earnings per share. Equities analysts anticipate that Micron Technology, Inc. will post 0.53 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.34%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at $94,712,410. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. In the last three months, insiders sold 302,730 shares of company stock valued at $37,771,649. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. TCW Group Inc. raised its holdings in Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after buying an additional 28,649 shares during the period. Gulf International Bank UK Ltd boosted its stake in Micron Technology by 6.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares during the period. Savoie Capital LLC acquired a new stake in shares of Micron Technology in the third quarter worth $4,229,000. TrinityPoint Wealth LLC grew its holdings in shares of Micron Technology by 33.9% during the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock valued at $2,948,000 after buying an additional 8,736 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC raised its position in Micron Technology by 176.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock valued at $1,349,000 after buying an additional 10,096 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.