Micron Technology (NASDAQ:MU) Shares Up 1.9%

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Cantor Fitzgerald boosted their price target on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Morgan Stanley reduced their target price on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a report on Monday. Raymond James dropped their price target 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. Susquehanna reduced their price objective on Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research note on Thursday, August 22nd. Finally, Wolfe Research upped their price target on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $146.81.

Micron Technology Trading Down 1.6 %

The stock has a market capitalization of $96.86 billion, a price-to-earnings ratio of -61.51 and a beta of 1.17. The business has a 50-day moving average of $101.48 and a 200-day moving average of $114.77. 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 quarterly earnings data 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 return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the prior year, the business earned ($1.57) EPS. The firm’s revenue was up 81.5% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. Micron Technology’s payout ratio is currently -32.39%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in the stock. TrinityPoint Wealth LLC raised its position in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after purchasing an additional 8,736 shares during the last quarter. Gladstone Institutional Advisory LLC purchased a new stake in shares of Micron Technology in the fourth quarter worth about $241,000. Coldstream Capital Management Inc. increased its position in shares of Micron Technology by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,702 shares of the semiconductor manufacturer’s stock worth $999,000 after acquiring an additional 476 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Micron Technology by 12.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,889 shares of the semiconductor manufacturer’s stock valued at $332,000 after acquiring an additional 424 shares in the last quarter. Finally, Alpha Family Trust bought a new stake in Micron Technology in the fourth quarter valued at about $535,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.