Micron Technology (NASDAQ:MU) Trading Up 1.4% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 1.4% on Friday . The company traded as high as $89.14 and last traded at $88.53. 5,342,647 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 11,695,287 shares. The stock had previously closed at $87.33.

Analyst Ratings Changes

MU has been the topic of several analyst reports. Morgan Stanley reduced their price objective on Micron Technology from $114.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. Susquehanna decreased 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, September 26th. Needham & Company LLC lowered their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Barclays cut their price objective on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Finally, KeyCorp lowered their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Stock Performance

The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a market cap of $100.13 billion, a PE ratio of 132.16 and a beta of 1.18. The business’s 50-day moving average price is $99.06 and its 200-day moving average price is $105.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the business posted ($0.95) EPS. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. As a group, equities research analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Highline Wealth Partners LLC acquired a new stake in Micron Technology during the third quarter worth about $26,000. Davis Capital Management purchased a new stake in Micron Technology in the 3rd quarter worth approximately $30,000. True Wealth Design LLC grew its stake in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC increased its holdings in shares of Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC boosted its holdings in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 277 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.