Micron Technology (NASDAQ:MU) Stock Price Up 0.9%

Micron Technology, Inc. (NASDAQ:MU)’s stock price traded up 0.9% during trading on Wednesday . The stock traded as high as $102.12 and last traded at $101.24. 7,494,101 shares were traded during mid-day trading, a decline of 66% from the average session volume of 22,263,736 shares. The stock had previously closed at $100.31.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MU. Cantor Fitzgerald reiterated an “overweight” rating and set a $150.00 price objective on shares of Micron Technology in a research report on Tuesday. Robert W. Baird decreased their price objective on Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, September 27th. Raymond James upped their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Wells Fargo & Company dropped their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.23.

Micron Technology Price Performance

The firm has a market capitalization of $110.86 billion, a price-to-earnings ratio of -71.30, a PEG ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The stock’s 50 day moving average price is $97.12 and its two-hundred day moving average price is $115.10.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the prior year, the business posted ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. On average, equities research analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in MU. Vanguard Group Inc. grew its stake in Micron Technology by 1.8% in the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock valued at $11,396,024,000 after acquiring an additional 1,681,815 shares during the period. Capital World Investors lifted its holdings in shares of Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after purchasing an additional 1,400,154 shares in the last quarter. Capital International Investors grew its position in shares of 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 purchasing an additional 2,397,885 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of Micron Technology by 6.9% in the second quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer’s stock valued at $1,063,580,000 after buying an additional 519,641 shares during the period. Institutional investors and hedge funds 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.