Micron Technology (NASDAQ:MU) Trading 0.4% Higher - What's Next?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price shot up 0.4% during trading on Wednesday . The company traded as high as $81.34 and last traded at $80.85. 4,027,744 shares changed hands during trading, a decline of 83% from the average session volume of 23,170,818 shares. The stock had previously closed at $80.51.

Analysts Set New Price Targets

Several brokerages have commented on MU. Cantor Fitzgerald reissued an "overweight" rating and set a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. UBS Group cut their target price on shares of Micron Technology from $130.00 to $92.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Morgan Stanley reduced their price objective on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Barclays cut their target price on Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Royal Bank of Canada set a $125.00 target price on Micron Technology in a report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.48.

Micron Technology Stock Performance

The company has a market cap of $90.67 billion, a P/E ratio of 23.27 and a beta of 1.21. The business has a fifty day moving average of $83.06 and a 200 day moving average of $93.46. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. Micron Technology's revenue was up 38.2% on a year-over-year basis. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.57%. Micron Technology's dividend payout ratio (DPR) is currently 11.03%.

Insider Transactions at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now owns 24,954 shares of the company's stock, valued at $1,996,320. This trade represents a 8.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,808 shares of company stock valued at $1,858,424 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Micron Technology

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Micron Technology during the 4th quarter worth approximately $1,470,875,000. Capital World Investors grew its stake in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. FMR LLC increased its holdings in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after buying an additional 12,249,341 shares during the last quarter. Capital Research Global Investors grew its position in Micron Technology by 139.7% in the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after acquiring an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors lifted its stake in shares of Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after purchasing an additional 4,375,232 shares during the last quarter. Hedge funds and other institutional investors 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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