Micron Technology (NASDAQ:MU) Stock Price Up 2.9% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) shares shot up 2.9% during trading on Thursday . The stock traded as high as $113.79 and last traded at $112.44. 9,565,815 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 22,225,598 shares. The stock had previously closed at $109.24.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MU shares. Raymond James upped their price objective on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. UBS Group cut their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. KeyCorp dropped their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Finally, Wolfe Research increased 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 given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.85.

Micron Technology Stock Down 0.8 %

The stock has a market capitalization of $123.25 billion, a PE ratio of -78.27 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The business’s fifty day moving average price is $98.64 and its two-hundred day moving average price is $114.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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 return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period in the prior year, the company earned ($1.21) earnings per share. The company’s revenue was up 93.3% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology’s payout ratio is currently -32.39%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently made changes to their positions in the company. Perpetual Ltd acquired a new position in Micron Technology in the 1st quarter worth about $633,000. Park Avenue Securities LLC increased its position in shares of Micron Technology by 4.8% in the first quarter. Park Avenue Securities LLC now owns 32,036 shares of the semiconductor manufacturer’s stock valued at $3,777,000 after buying an additional 1,463 shares in the last quarter. &PARTNERS raised its stake in shares of Micron Technology by 38.1% during the 1st quarter. &PARTNERS now owns 10,733 shares of the semiconductor manufacturer’s stock worth $1,265,000 after buying an additional 2,961 shares during the period. Cooper Financial Group lifted its position in shares of Micron Technology by 3.9% during the 1st quarter. Cooper Financial Group now owns 10,425 shares of the semiconductor manufacturer’s stock valued at $1,229,000 after buying an additional 390 shares in the last quarter. Finally, Ballentine Partners LLC grew its stake in Micron Technology by 0.6% in the 1st quarter. Ballentine Partners LLC now owns 143,327 shares of the semiconductor manufacturer’s stock valued at $16,897,000 after acquiring an additional 898 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.