Micron Technology (NASDAQ:MU) Shares Up 1.2% After Analyst Upgrade

Shares of Micron Technology, Inc. (NASDAQ:MU) rose 1.2% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $138.00 to $158.00. The Goldman Sachs Group currently has a buy rating on the stock. Micron Technology traded as high as $135.42 and last traded at $133.79. Approximately 12,267,050 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 20,530,920 shares. The stock had previously closed at $132.23.

Several other research firms have also issued reports on MU. KeyCorp increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday. Piper Sandler raised their target price on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup increased their price objective on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $158.52.

Insider Transactions at Micron Technology

In other news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on Monday, May 6th. The stock was 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 owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on 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 completion of the sale, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders sold a total of 304,840 shares of company stock worth $37,961,924 in the last quarter. 0.32% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

A number of large investors have recently made changes to their positions in the company. Tidemark LLC bought a new position in Micron Technology during the fourth quarter worth about $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology during the first quarter worth about $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the 4th quarter valued at about $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC increased its stake in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Down 0.5 %

The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average of $128.07 and a 200-day moving average of $106.08. The firm has a market capitalization of $145.65 billion, a P/E ratio of -92.63 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.03%. The firm’s revenue was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.57) earnings per share. Analysts anticipate that Micron Technology, Inc. will post 0.35 EPS 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. Stockholders of record on Monday, July 8th will be issued a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

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.