Micron Technology (NASDAQ:MU) Trading Up 2.2% on Earnings Beat

Micron Technology, Inc. (NASDAQ:MU) traded up 2.2% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $112.04 and last traded at $111.00. 11,388,053 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 21,404,309 shares. The stock had previously closed at $108.60.

The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.95) earnings per share.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wedbush reaffirmed an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a report on Tuesday. UBS Group cut their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday. Cantor Fitzgerald lowered their price target on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday. Raymond James increased their target price on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.26.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently modified their holdings of MU. Highline Wealth Partners LLC bought a new position in shares of Micron Technology during the 3rd quarter valued at approximately $26,000. LRI Investments LLC boosted its position in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the period. Davis Capital Management bought a new stake in shares of Micron Technology during the 3rd quarter valued at $30,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Micron Technology during the 2nd quarter valued at $39,000. Finally, New Millennium Group LLC bought a new position in Micron Technology in the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 16.2 %

The stock has a fifty day simple moving average of $103.48 and a 200 day simple moving average of $108.93. The firm has a market capitalization of $97.02 billion, a P/E ratio of 128.08 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

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.