Micron Technology (NASDAQ:MU) Trading 1.2% Higher Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU) traded up 1.2% during mid-day trading on Monday after Cantor Fitzgerald raised their price target on the stock from $150.00 to $180.00. Cantor Fitzgerald currently has an overweight rating on the stock. Micron Technology traded as high as $146.29 and last traded at $143.04. 7,433,108 shares were traded during trading, a decline of 61% from the average session volume of 18,913,633 shares. The stock had previously closed at $141.36.

Several other brokerages have also recently issued reports on MU. Morgan Stanley raised Micron Technology from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $98.00 to $130.00 in a research report on Monday, May 20th. Barclays lifted their target price on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. TD Cowen raised their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, March 21st. Mizuho upped their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a report on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $135.32.

Insiders Place Their Bets

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the sale, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The disclosure for this sale can be found here. Insiders have sold 365,446 shares of company stock valued at $43,826,633 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the business. Johnson Investment Counsel Inc. acquired a new stake in shares of Micron Technology in the 3rd quarter valued at $207,000. Envestnet Portfolio Solutions Inc. purchased a new position in Micron Technology in the third quarter valued at $3,768,000. Envestnet Asset Management Inc. raised its stake in Micron Technology by 23.1% in the third quarter. Envestnet Asset Management Inc. now owns 838,814 shares of the semiconductor manufacturer’s stock valued at $57,065,000 after buying an additional 157,676 shares in the last quarter. Aigen Investment Management LP purchased a new stake in Micron Technology during the 3rd quarter worth about $1,137,000. Finally, CenterBook Partners LP acquired a new position in shares of Micron Technology during the 3rd quarter worth about $1,602,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Up 4.6 %

The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm has a market cap of $163.70 billion, a PE ratio of -42.85 and a beta of 1.21. The business has a fifty day moving average price of $123.99 and a 200 day moving average price of $102.27.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the company posted ($2.03) earnings per share. The firm’s quarterly revenue was up 57.7% compared to the same quarter last year. Analysts forecast that Micron Technology, Inc. will post 0.29 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.31%. Micron Technology’s dividend payout ratio is currently -13.33%.

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.