Micron Technology (NASDAQ:MU) Stock Price Up 1.9%

Micron Technology, Inc. (NASDAQ:MU) was up 1.9% on Tuesday . The stock traded as high as $89.04 and last traded at $88.80. Approximately 4,992,017 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 21,286,893 shares. The stock had previously closed at $87.18.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. TD Cowen boosted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Citigroup lowered their price objective 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. Raymond James cut their target price on shares of Micron Technology from $160.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, September 12th. Robert W. Baird lifted their price target on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research report on Monday, June 24th. Finally, Stifel Nicolaus raised their price objective on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $149.12.

Micron Technology Trading Up 1.3 %

The company has a market cap of $97.90 billion, a price-to-earnings ratio of -62.77 and a beta of 1.17. The company’s 50 day moving average price is $103.31 and its 200 day moving average price is $115.01. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last posted its 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 company had revenue of $6.81 billion for 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%. The business’s revenue was up 81.5% compared to the same quarter last year. During the same period last year, the company earned ($1.57) earnings per share. Research analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. SS&H Financial Advisors Inc. raised its holdings in Micron Technology by 3.2% in the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock valued at $2,797,000 after acquiring an additional 650 shares in the last quarter. Heritage Wealth Management Inc. bought a new stake in shares of Micron Technology during the second quarter valued at approximately $445,000. Sanctuary Advisors LLC acquired a new position in shares of Micron Technology in the second quarter valued at $5,306,000. Gordian Capital Singapore Pte Ltd bought a new position in Micron Technology in the second quarter worth $92,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Micron Technology during the second quarter worth $39,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

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.