Micron Technology (NASDAQ:MU) Trading 1.6% Higher – Here’s What Happened

by · The Cerbat Gem

Shares of Micron Technology, Inc. (NASDAQ:MU – Get Free Report) were up 1.6% during mid-day trading on Tuesday . The stock traded as high as $103.38 and last traded at $103.38. Approximately 2,296,510 shares changed hands during trading, a decline of 89% from the average daily volume of 21,795,531 shares. The stock had previously closed at $101.73.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MU. Rosenblatt Securities upped their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Susquehanna decreased their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a report on Thursday, September 26th. China Renaissance initiated coverage on shares of Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. Stifel Nicolaus decreased their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Finally, Citigroup cut their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Read Our Latest Stock Analysis on Micron Technology

Micron Technology Trading Up 2.1 %

The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock has a market cap of $115.15 billion, a price-to-earnings ratio of 152.03 and a beta of 1.18. The company’s fifty day moving average is $99.00 and its two-hundred day moving average is $113.11.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the firm posted ($1.21) earnings per share. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, research analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were paid a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.44%. Micron Technology’s payout ratio is 67.65%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in MU. Norden Group LLC raised its position in Micron Technology by 43.4% in the first quarter. Norden Group LLC now owns 3,564 shares of the semiconductor manufacturer’s stock worth $420,000 after acquiring an additional 1,078 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Micron Technology by 8.0% during the first quarter. Janney Montgomery Scott LLC now owns 109,138 shares of the semiconductor manufacturer’s stock worth $12,866,000 after buying an additional 8,065 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Micron Technology by 68.3% during the first quarter. Nordea Investment Management AB now owns 140,731 shares of the semiconductor manufacturer’s stock worth $16,653,000 after buying an additional 57,103 shares in the last quarter. Callan Capital LLC acquired a new position in Micron Technology in the first quarter worth approximately $209,000. Finally, Catalina Capital Group LLC bought a new position in shares of Micron Technology in the first quarter valued at $373,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

(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.

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