Micron Technology (NASDAQ:MU) Stock Price Up 3.2%

Shares of Micron Technology, Inc. (NASDAQ:MU) shot up 3.2% during mid-day trading on Thursday . The company traded as high as $136.82 and last traded at $136.82. 14,507,146 shares changed hands during trading, a decline of 48% from the average session volume of 27,836,970 shares. The stock had previously closed at $132.59.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Raymond James boosted their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Needham & Company LLC raised their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Susquehanna lifted their price target on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a report on Monday, June 17th. Finally, Barclays upped their price objective on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Trading Up 3.2 %

The firm has a market capitalization of $151.71 billion, a P/E ratio of -96.35 and a beta of 1.18. The firm has a fifty day simple moving average of $129.42 and a two-hundred day simple moving average of $107.38. 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 issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the business earned ($1.57) earnings per share. The company’s quarterly revenue was up 81.5% on a year-over-year basis. On average, equities research analysts anticipate that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity at Micron Technology

In related news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total value of $858,200.00. Following the completion of the sale, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $89,321,088.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,730 shares of company stock valued at $31,921,649. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MU. DecisionPoint Financial LLC bought a new stake in Micron Technology during the 1st quarter valued at approximately $25,000. Valued Wealth Advisors LLC grew its holdings in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares during the period. Tidemark LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $25,000. Pingora Partners LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Finally, Riverview Trust Co bought a new stake in shares of Micron Technology in the 1st quarter worth approximately $39,000. 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.