Micron Technology (NASDAQ:MU) Trading 2.2% Higher Following Analyst Upgrade

Key Points

• Micron Technology shares rose 2.2% after a price target upgrade by JPMorgan Chase, increasing from $165 to $185, maintaining an "overweight" rating.
• Micron's recent quarterly earnings beat expectations, reporting $1.91 EPS on revenues of $9.30 billion, significantly exceeding analysts' projection of $8.83 billion.
• Institutional investors have been notably active, with Capital World Investors increasing holdings by 63.7%, spotlighting growing confidence in Micron's market potential.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) rose 2.2% during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $165.00 to $185.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Micron Technology traded as high as $126.40 and last traded at $126.40. Approximately 7,132,408 shares were traded during trading, a decline of 69% from the average daily volume of 23,137,031 shares. The stock had previously closed at $123.72.

Several other analysts have also weighed in on MU. Piper Sandler lifted their price objective on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Morgan Stanley boosted their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Mizuho increased their target price on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research note on Thursday, June 5th. Cantor Fitzgerald boosted their price objective on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, UBS Group boosted their price objective on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.24.

Insider Transactions at Micron Technology

In related news, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares in the company, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sumit Sadana sold 92,638 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the sale, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 286,042 shares of company stock valued at $34,679,277. 0.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently modified their holdings of the company. Capital World Investors boosted its holdings in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the period. Capital Research Global Investors boosted its holdings in Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the period. Capital International Investors boosted its holdings in Micron Technology by 36.3% during 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 acquiring an additional 4,375,232 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Micron Technology by 198.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock valued at $550,903,000 after acquiring an additional 4,352,225 shares during the period. Finally, Nuveen LLC purchased a new stake in Micron Technology during the 1st quarter valued at about $369,191,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Price Performance

The company has a market capitalization of $141.50 billion, a PE ratio of 22.77 and a beta of 1.37. The firm has a fifty day moving average of $116.46 and a two-hundred day moving average of $98.21. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The business had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same period in the previous year, the firm posted $0.62 EPS. Research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.4%. Micron Technology's payout ratio is presently 8.29%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.