Micron Technology (NASDAQ:MU) Stock Price Up 3.1%

Micron Technology, Inc. (NASDAQ:MU) shares were up 3.1% during mid-day trading on Monday . The company traded as high as $96.02 and last traded at $95.95. Approximately 6,080,030 shares were traded during trading, a decline of 71% from the average daily volume of 21,313,111 shares. The stock had previously closed at $93.08.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MU shares. Stifel Nicolaus increased their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Needham & Company LLC increased their target price on Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Cantor Fitzgerald boosted their price target on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Mizuho raised their price objective on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. lifted their target price on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.92.

Micron Technology Stock Performance

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 fifty day moving average price is $124.66 and its two-hundred day moving average price is $113.04. The stock has a market capitalization of $104.80 billion, a PE ratio of -66.71 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.57) EPS. As a group, equities research analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insiders Place Their Bets

In related news, SVP Michael W. Bokan sold 15,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the completion of the sale, the senior vice president now owns 138,387 shares of the company’s stock, valued at approximately $17,079,723.54. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $122.89, for a total transaction of $860,230.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $88,363,931.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the completion of the sale, the senior vice president now directly owns 138,387 shares of the company’s stock, valued at approximately $17,079,723.54. The disclosure for this sale can be found here. Insiders have sold a total of 89,174 shares of company stock valued at $12,240,223 in the last 90 days. 0.32% of the stock is owned by insiders.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Carolinas Wealth Consulting LLC raised its position in Micron Technology by 46.0% in the second quarter. Carolinas Wealth Consulting LLC now owns 2,975 shares of the semiconductor manufacturer’s stock valued at $391,000 after purchasing an additional 938 shares during the period. SkyOak Wealth LLC grew its stake in shares of Micron Technology by 15.3% in the second quarter. SkyOak Wealth LLC now owns 2,814 shares of the semiconductor manufacturer’s stock valued at $370,000 after buying an additional 374 shares in the last quarter. First Washington CORP purchased a new stake in shares of Micron Technology in the 2nd quarter valued at $5,340,000. Elo Mutual Pension Insurance Co lifted its stake in Micron Technology by 0.7% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 101,609 shares of the semiconductor manufacturer’s stock worth $13,365,000 after acquiring an additional 743 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in Micron Technology by 0.3% during the 2nd quarter. Blair William & Co. IL now owns 301,877 shares of the semiconductor manufacturer’s stock valued at $39,706,000 after acquiring an additional 842 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.