Micron Technology (NASDAQ:MU) Shares Up 4.5% - Here's What Happened

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price was up 4.5% during mid-day trading on Monday . The company traded as high as $120.46 and last traded at $120.75. Approximately 7,269,063 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 23,665,725 shares. The stock had previously closed at $115.60.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Mizuho upped their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Rosenblatt Securities decreased their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a report on Friday, March 21st. Morgan Stanley cut their target price on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Finally, UBS Group raised their price objective on shares of Micron Technology from $92.00 to $120.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average target price of $129.00.

Micron Technology Stock Up 3.7%

The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average price of $88.20 and a two-hundred day moving average price of $92.53. The company has a market cap of $133.92 billion, a price-to-earnings ratio of 34.52 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The business's revenue for the quarter was up 38.2% compared to the same quarter last year. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is currently 11.03%.

Insider Activity

In other news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Friday, May 2nd. The shares were 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 $1,996,320. This represents a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,904 shares of company stock worth $4,665,124. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Xcel Wealth Management LLC raised its holdings in shares of Micron Technology by 1.8% during the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer's stock valued at $518,000 after purchasing an additional 108 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in Micron Technology by 3.8% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer's stock valued at $250,000 after purchasing an additional 108 shares during the period. Twin Capital Management Inc. raised its holdings in Micron Technology by 0.5% during the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after buying an additional 108 shares during the last quarter. D.B. Root & Company LLC grew its holdings in shares of Micron Technology by 3.7% during the first quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock valued at $262,000 after buying an additional 108 shares during the last quarter. Finally, Cim Investment Management Inc. increased its position in shares of Micron Technology by 0.5% during the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock worth $1,941,000 after acquiring an additional 114 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

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.

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