Micron Technology (NASDAQ:MU) Trading 2% Higher on Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MUGet Free Report) shares rose 2% on Tuesday after KeyCorp raised their price target on the stock from $160.00 to $165.00. KeyCorp currently has an overweight rating on the stock. Micron Technology traded as high as $135.21 and last traded at $133.35. Approximately 9,058,302 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 20,703,102 shares. The stock had previously closed at $130.69.

A number of other equities research analysts have also recently weighed in on MU. Barclays lifted their price objective on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Citigroup lifted their target price on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Piper Sandler increased their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company lifted their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Finally, Susquehanna increased their target price on shares of Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a report on Monday, June 17th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $158.72.

Check Out Our Latest Stock Report on MU

Insider Activity

In other 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 sale, the executive vice president now 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 is available through this link. In related news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total value of $4,412,400.00. Following the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at approximately $17,497,041.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Insiders have sold 250,730 shares of company stock valued at $31,063,449 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Norden Group LLC grew its position in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares during the last quarter. TCW Group Inc. raised its holdings in shares of Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after acquiring an additional 28,649 shares during the last quarter. Gulf International Bank UK Ltd lifted its position in shares of Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after acquiring an additional 5,958 shares in the last quarter. TrinityPoint Wealth LLC boosted its stake 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 acquiring an additional 8,736 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC increased its position in Micron Technology by 176.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after purchasing an additional 10,096 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 4.0 %

The stock has a market cap of $151.23 billion, a price-to-earnings ratio of -96.05 and a beta of 1.18. 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 firm’s 50 day moving average is $131.48 and its two-hundred day moving average is $109.14.

Micron Technology (NASDAQ:MUGet Free Report) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue was up 81.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.57) earnings per share. On average, sell-side analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

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

About Micron Technology

(Get Free Report)

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.

Further Reading

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