Micron Technology (NASDAQ:MU) Trading Up 1.2% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s stock price rose 1.2% during mid-day trading on Thursday . The stock traded as high as $122.98 and last traded at $121.82. Approximately 20,156,669 shares were traded during trading, a decline of 15% from the average daily volume of 23,618,207 shares. The stock had previously closed at $120.34.

Analyst Ratings Changes

MU has been the subject of several research analyst reports. Citigroup lifted their price objective on Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Robert W. Baird lifted their price objective on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Wells Fargo & Company lifted their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday. Rosenblatt Securities dropped their price objective on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, KGI Securities raised Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $130.80.

Micron Technology Stock Performance

The stock has a market cap of $138.13 billion, a PE ratio of 29.64 and a beta of 1.28. The company has a fifty day moving average price of $93.13 and a 200 day moving average price of $93.40. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The company’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. Analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 3,562 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.46, for a total transaction of $393,458.52. Following the transaction, the chief executive officer now owns 391,113 shares in the company, valued at approximately $43,202,341.98. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the transaction, the executive vice president now owns 186,353 shares in the company, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,404 shares of company stock worth $5,572,867 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the 1st quarter worth approximately $33,000. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $33,000. Roxbury Financial LLC grew its stake in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock worth $37,000 after buying an additional 300 shares during the last quarter. Finally, Curio Wealth LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $34,000. Hedge funds and other 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.