Micron Technology (NASDAQ:MU) Trading 2.2% Higher

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 2.2% during trading on Thursday . The company traded as high as $102.48 and last traded at $102.01. 7,468,376 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 22,288,080 shares. The stock had previously closed at $99.85.

Wall Street Analyst Weigh In

MU has been the subject of a number of recent research reports. UBS Group decreased their price target on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Wedbush reaffirmed an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. Stifel Nicolaus dropped their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. The Goldman Sachs Group lifted their price objective on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Finally, Wolfe Research boosted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $143.23.

Micron Technology Trading Up 1.9 %

The stock has a market capitalization of $112.81 billion, a P/E ratio of -71.84, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The business has a 50 day simple moving average of $96.91 and a 200-day simple moving average of $114.99. 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 data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the previous year, the company posted ($1.21) EPS. The business’s revenue was up 93.3% compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio is -32.39%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of MU. DecisionPoint Financial LLC acquired a new stake in Micron Technology in the 1st quarter valued at about $25,000. Hobbs Group Advisors LLC acquired a new position in Micron Technology in the second quarter valued at about $28,000. Frank Rimerman Advisors LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth about $29,000. Valued Wealth Advisors LLC lifted its holdings in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. Finally, Davis Capital Management acquired a new position in shares of Micron Technology in the 3rd quarter valued at approximately $30,000. 80.84% of the stock is owned by institutional investors and hedge funds.

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.