Micron Technology (NASDAQ:MU) Shares Up 1.2%

Micron Technology, Inc. (NASDAQ:MU) rose 1.2% during trading on Wednesday . The company traded as high as $134.26 and last traded at $134.15. Approximately 5,527,664 shares traded hands during trading, a decline of 73% from the average daily volume of 20,647,547 shares. The stock had previously closed at $132.59.

Analysts Set New Price Targets

MU has been the subject of a number of research analyst reports. Argus upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Thursday, March 21st. Wolfe Research upped their price objective on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Wells Fargo & Company lifted their target price on Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a report on Tuesday, June 25th. Finally, Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Price Performance

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 firm has a 50 day moving average of $129.42 and a 200-day moving average of $107.38.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the firm earned ($1.57) earnings per share. The firm’s revenue was up 81.5% compared to the same quarter last year. On average, research analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares in the company, valued at approximately $38,032,602.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,730 shares of company stock valued at $31,921,649. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of MU. Norges Bank acquired a new position in shares of Micron Technology during the 4th quarter valued at about $769,372,000. Wellington Management Group LLP grew its holdings in Micron Technology by 43.4% during the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of 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 purchasing an additional 3,315,988 shares during the period. Morgan Stanley lifted its stake in shares of Micron Technology by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after buying an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of Micron Technology by 125.0% during the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after buying an additional 2,523,267 shares during the period. 80.84% of the stock is currently owned by institutional investors.

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.