Micron Technology (NASDAQ:MU) Shares Up 2.1% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded up 2.1% on Thursday . The company traded as high as $103.87 and last traded at $103.84. 6,676,033 shares were traded during mid-day trading, a decline of 70% from the average session volume of 22,241,855 shares. The stock had previously closed at $101.70.

Analysts Set New Price Targets

Several research firms recently commented on MU. Morgan Stanley increased their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. UBS Group lowered their price objective on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Wedbush restated an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. Piper Sandler upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Wells Fargo & Company cut their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $142.85.

Micron Technology Stock Up 3.6 %

The company has a market cap of $116.78 billion, a P/E ratio of -73.13, a P/E/G ratio of 0.20 and a beta of 1.18. The company’s 50-day moving average is $96.40 and its two-hundred day moving average is $115.04. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the company earned ($1.21) earnings per share. As a group, equities analysts predict that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of MU. DecisionPoint Financial LLC bought a new stake in Micron Technology in the 1st quarter worth approximately $25,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the second quarter worth $28,000. Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares during the period. Davis Capital Management bought a new stake in Micron Technology in the third quarter worth about $30,000. Finally, Richard W. Paul & Associates LLC lifted its stake in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares during the last quarter. 80.84% of the stock is 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.