Micron Technology (NASDAQ:MU) Trading 2% Higher

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 2% during trading on Tuesday . The company traded as high as $112.65 and last traded at $111.34. 5,368,592 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 20,419,357 shares. The stock had previously closed at $109.12.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MU. Needham & Company LLC upped their price target on Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Cantor Fitzgerald upped their price target on Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research report on Friday, April 12th. Raymond James upped their price target on Micron Technology from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, Robert W. Baird upped their price target on Micron Technology from $78.00 to $115.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $122.20.

Micron Technology Stock Performance

The firm’s fifty day simple moving average is $104.64 and its 200 day simple moving average is $87.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period in the prior year, the company posted ($2.03) EPS. The company’s revenue for the quarter was up 57.7% on a year-over-year basis. Sell-side analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Stockholders of record on Monday, April 1st were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s payout ratio is currently -13.33%.

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total value of $844,900.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The disclosure for this sale can be found here. Insiders have sold a total of 261,890 shares of company stock valued at $28,955,157 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Tidemark LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth approximately $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth approximately $26,000. OFI Invest Asset Management acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $27,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.