Micron Technology (NASDAQ:MU) Stock Price Up 1.9% on Earnings Beat

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 1.9% on Wednesday following a stronger than expected earnings report. The stock traded as high as $96.15 and last traded at $95.80. Approximately 11,296,381 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 21,367,480 shares. The stock had previously closed at $94.00.

The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $7.65 billion. During the same quarter in the previous year, the company posted ($1.21) EPS. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Analyst Ratings Changes

Several brokerages have issued reports on MU. Morgan Stanley increased their target price on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday. 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 report on Tuesday, September 17th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and lowered their target price for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Susquehanna cut their price target on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday. Finally, Piper Sandler upped their price objective on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.38.

Institutional Investors Weigh In On Micron Technology

Institutional investors have recently bought and sold shares of the company. 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 buying an additional 3,315,988 shares during the last quarter. Capital International Investors raised its holdings in 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 acquiring an additional 2,397,885 shares during the last quarter. Swedbank AB lifted its stake in Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Micron Technology by 301,500.0% during the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock worth $213,334,000 after purchasing an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Micron Technology by 28.9% in the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after purchasing an additional 1,695,876 shares in the last quarter. 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 $120.45 billion, a price-to-earnings ratio of -76.02, 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 firm has a fifty day moving average of $97.77 and a 200 day moving average of $114.60.

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.