Micron Technology (NASDAQ:MU) Stock Price Up 1.2% - Here's What Happened

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares traded up 1.2% during trading on Thursday . The stock traded as high as $122.98 and last traded at $121.82. 20,156,669 shares changed hands during trading, a decline of 15% from the average session volume of 23,618,207 shares. The stock had previously closed at $120.34.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. KGI Securities upgraded Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Finally, China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $129.00.

Micron Technology Stock Up 1.2%

The business has a 50 day simple moving average of $91.01 and a 200 day simple moving average of $93.07. The company has a market capitalization of $136.14 billion, a price-to-earnings ratio of 29.21 and a beta of 1.28. 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 (NASDAQ:MU - Get Free Report) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. Micron Technology's revenue was up 38.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 EPS. As a group, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This trade represents a 8.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology 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. The trade was a 8.79% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,404 shares of company stock valued at $5,572,867. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently modified their holdings of the company. Voya Investment Management LLC boosted its position in shares of Micron Technology by 21.6% during the 1st quarter. Voya Investment Management LLC now owns 2,956,411 shares of the semiconductor manufacturer's stock worth $256,701,000 after acquiring an additional 525,596 shares in the last quarter. Strs Ohio purchased a new stake in Micron Technology during the first quarter worth approximately $57,628,000. SWS Partners boosted its holdings in Micron Technology by 2.5% in the first quarter. SWS Partners now owns 21,529 shares of the semiconductor manufacturer's stock valued at $1,871,000 after purchasing an additional 531 shares in the last quarter. Westbourne Investments Inc. boosted its holdings in Micron Technology by 555.9% in the first quarter. Westbourne Investments Inc. now owns 17,590 shares of the semiconductor manufacturer's stock valued at $1,528,000 after purchasing an additional 14,908 shares in the last quarter. Finally, Focus Partners Wealth increased its stake in Micron Technology by 312.1% in the first quarter. Focus Partners Wealth now owns 138,878 shares of the semiconductor manufacturer's stock valued at $12,067,000 after purchasing an additional 105,178 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other 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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