Micron Technology (NASDAQ:MU) Trading Up 3.2%

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 3.2% during trading on Monday . The stock traded as high as $94.80 and last traded at $93.84. 8,907,602 shares were traded during trading, a decline of 58% from the average session volume of 21,344,615 shares. The stock had previously closed at $90.90.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MU. The Goldman Sachs Group increased their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. TD Cowen dropped their price target on shares of Micron Technology from $160.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho upped their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Cantor Fitzgerald lifted their target price on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Finally, Stifel Nicolaus cut their price target on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.65.

Micron Technology Stock Performance

The firm has a market cap of $103.68 billion, a price-to-earnings ratio of -66.08 and a beta of 1.17. The stock’s fifty day moving average is $99.81 and its two-hundred day moving average is $114.83. 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 announced 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. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.57) earnings per share. On average, analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is currently -32.39%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in MU. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the second quarter worth approximately $28,000. DecisionPoint Financial LLC purchased a new stake in Micron Technology during the first quarter valued at about $25,000. Valued Wealth Advisors LLC boosted its holdings in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares during the period. Richard W. Paul & Associates LLC increased its position in shares of Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares in the last quarter. Finally, LRI Investments LLC grew its position in Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.