Micron Technology (NASDAQ:MU) Shares Up 0.8%

Micron Technology, Inc. (NASDAQ:MU)’s share price rose 0.8% during trading on Friday . The company traded as high as $98.41 and last traded at $96.31. Approximately 5,896,046 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 21,262,121 shares. The stock had previously closed at $95.57.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. UBS Group cut their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Susquehanna reduced their price objective on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a research report on Thursday, August 22nd. Piper Sandler increased 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, June 27th. Finally, The Goldman Sachs Group boosted their price target on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $157.12.

Micron Technology Stock Performance

The firm’s fifty day moving average is $113.45 and its 200 day moving average is $114.25. The firm has a market capitalization of $106.71 billion, a price-to-earnings ratio of -67.77 and a beta of 1.18. 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 posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate 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 business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same period in the previous year, the company posted ($1.57) EPS. Micron Technology’s revenue was up 81.5% on a year-over-year basis. On average, analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company 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. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.48%. Micron Technology’s payout ratio is -32.39%.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total value of $941,990.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $96,762,423.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total value of $941,990.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on 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 approximately $19,335,731.06. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,174 shares of company stock valued at $7,710,093. 0.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

Several hedge funds have recently added to or reduced their stakes in MU. Norges Bank acquired a new position in shares of Micron Technology during the fourth quarter valued at about $769,372,000. Price T Rowe Associates Inc. MD raised its holdings in Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares in the last quarter. Capital International Investors raised its holdings in Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares in the last quarter. Swedbank AB grew its holdings in shares of Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Micron Technology by 301,500.0% during the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the period. Institutional investors 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.