Micron Technology (NASDAQ:MU) Stock Price Up 2.3% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded up 2.3% during trading on Tuesday . The stock traded as high as $123.51 and last traded at $122.55. 8,694,727 shares were traded during mid-day trading, a decline of 63% from the average session volume of 23,662,292 shares. The stock had previously closed at $119.84.

Analyst Ratings Changes

Several equities analysts have issued reports on MU shares. Wedbush restated an “underperform” rating on shares of Micron Technology in a research report on Monday, April 28th. Morgan Stanley lowered their price objective on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Saturday. Barclays reduced their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Finally, China Renaissance lowered Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $129.00.

Micron Technology Trading Up 0.4%

The company has a fifty day simple moving average of $89.28 and a two-hundred day simple moving average of $92.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company has a market capitalization of $134.44 billion, a P/E ratio of 34.68 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the business earned $0.42 earnings per share. The company’s quarterly revenue was up 38.2% on a year-over-year basis. On average, analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.38%. Micron Technology’s dividend payout ratio is currently 11.03%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 3,938 shares of Micron Technology stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $110.88, for a total transaction of $436,645.44. Following the transaction, the chief executive officer now owns 387,175 shares of the company’s stock, valued at $42,929,964. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the sale, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,904 shares of company stock worth $4,665,124 over the last 90 days. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of the business. Sunbeam Capital Management LLC bought a new position in Micron Technology in the 4th quarter worth approximately $26,000. Beacon Capital Management LLC lifted its position in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares during the period. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology in the 4th quarter worth $33,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the first quarter valued at approximately $33,000. Finally, Curio Wealth LLC acquired a new position in shares of Micron Technology during the fourth quarter worth $34,000. Institutional investors own 80.84% of the company’s stock.

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.