Micron Technology (NASDAQ:MU) Stock Price Up 0.7% on Strong Earnings

Shares of Micron Technology, Inc. (NASDAQ:MU) were up 0.7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $144.07 and last traded at $142.15. Approximately 13,410,941 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 19,863,238 shares. The stock had previously closed at $141.12.

The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm’s revenue was up 81.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.57) EPS.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Piper Sandler upped their target price on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday. Mizuho increased their target price on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. UBS Group decreased their target price on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research report on Thursday. Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Finally, Wells Fargo & Company lifted their price objective on Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares in the company, valued at approximately $90,780,874.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total transaction of $854,630.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total value of $1,733,250.00. Following the sale, the senior vice president now owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 304,840 shares of company stock worth $37,961,924. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Micron Technology by 1.8% during the 1st 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 last quarter. Capital World Investors boosted its position in shares of Micron Technology by 6.6% in the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after purchasing an additional 1,400,154 shares during the last quarter. Sanders Capital LLC grew its stake in shares of Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after purchasing an additional 503,923 shares during the period. Capital International Investors increased its holdings in Micron Technology by 15.1% in the first 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 last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after buying an additional 3,315,988 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Performance

The stock has a market cap of $146.43 billion, a P/E ratio of -38.33 and a beta of 1.21. The stock has a fifty day simple moving average of $127.16 and a 200-day simple moving average of $105.52. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

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.