Micron Technology (NASDAQ:MU) Trading Up 3.9% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 3.9% during trading on Wednesday . The stock traded as high as $108.99 and last traded at $108.36. 7,505,022 shares traded hands during trading, a decline of 66% from the average session volume of 22,216,742 shares. The stock had previously closed at $104.32.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MU shares. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Piper Sandler lifted their price target on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wells Fargo & Company decreased their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Stifel Nicolaus cut their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Finally, BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. One 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.com, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

Micron Technology Price Performance

The company has a 50-day simple moving average of $97.43 and a two-hundred day simple moving average of $114.68. The stock has a market cap of $121.03 billion, a price-to-earnings ratio of -76.31 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the previous year, the firm earned ($1.21) earnings per share. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. As a group, equities research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared 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 is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Large investors have recently added to or reduced their stakes in the business. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the 2nd quarter valued at approximately $28,000. DecisionPoint Financial LLC purchased a new stake in Micron Technology during the first quarter valued at approximately $25,000. Valued Wealth Advisors LLC raised 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 raised its stake in shares of Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares in the last quarter. Finally, LRI Investments LLC lifted its position in shares of Micron Technology by 57.2% in 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 during the period. 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.