Micron Technology (NASDAQ:MU) Announces Quarterly Earnings Results

Micron Technology (NASDAQ:MU - Get Free Report) posted its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.16, Zacks reports. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%.

Micron Technology Price Performance

Shares of MU stock traded down $0.66 during mid-day trading on Wednesday, hitting $127.25. The company had a trading volume of 31,903,914 shares, compared to its average volume of 23,478,302. The company has a market capitalization of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28. The stock's 50 day moving average price is $95.29 and its 200-day moving average price is $93.66. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. Micron Technology has a 52-week low of $61.54 and a 52-week high of $144.07.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MU shares. Mizuho increased their price objective on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. JPMorgan Chase & Co. dropped their price target on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Royal Bank Of Canada set a $125.00 price objective on shares of Micron Technology in a research report on Wednesday, March 19th. Wedbush raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, June 20th. Finally, Citigroup upped their price target on Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $126.75.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 3,938 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $110.88, for a total transaction of $436,645.44. Following the sale, the chief executive officer now directly owns 387,175 shares in the company, valued at $42,929,964. This represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares of the company's stock, valued at approximately $1,996,320. This trade represents a 8.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,404 shares of company stock valued at $4,130,167. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

An institutional investor recently raised its position in Micron Technology stock. Brighton Jones LLC grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,318 shares of the semiconductor manufacturer's stock after purchasing an additional 976 shares during the quarter. Brighton Jones LLC's holdings in Micron Technology were worth $532,000 at the end of the most recent quarter. 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.

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