Micron Technology (NASDAQ:MU) Trading 3.2% Higher

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 3.2% on Monday . The company traded as high as $94.80 and last traded at $93.84. Approximately 8,907,602 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 21,344,615 shares. The stock had previously closed at $90.90.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho raised their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Piper Sandler raised their price objective on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Wedbush reissued an “outperform” rating and issued a $170.00 target price on shares of Micron Technology in a report on Thursday, June 27th. Finally, Wolfe Research upped their target price on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $145.65.

Micron Technology Stock Performance

The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $99.81 and its two-hundred day moving average price is $114.83. The firm has a market capitalization of $103.68 billion, a price-to-earnings ratio of -66.08 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm 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%. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period last year, the business posted ($1.57) EPS. On average, analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is currently -32.39%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Large investors have recently added to or reduced their stakes in the business. DecisionPoint Financial LLC purchased a new position in shares of Micron Technology in the 1st quarter worth $25,000. Pingora Partners LLC purchased a new stake in Micron Technology during the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the second quarter worth $28,000. Frank Rimerman Advisors LLC purchased a new position in shares of Micron Technology in the 4th quarter valued at $29,000. Finally, Valued Wealth Advisors LLC boosted its position in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.