Micron Technology (NASDAQ:MU) Trading 4.5% Higher - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was up 4.5% during trading on Tuesday . The stock traded as high as $124.56 and last traded at $125.35. Approximately 8,060,585 shares changed hands during trading, a decline of 65% from the average daily volume of 23,235,935 shares. The stock had previously closed at $119.92.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MU shares. Rosenblatt Securities boosted their target price on Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Royal Bank Of Canada set a $125.00 target price on Micron Technology in a report on Wednesday, March 19th. Needham & Company LLC boosted their target price on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price on the stock. in a report on Wednesday, March 26th. Finally, Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.44.

Micron Technology Stock Performance

The firm's 50 day simple moving average is $106.25 and its 200-day simple moving average is $95.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The company has a market capitalization of $137.47 billion, a price-to-earnings ratio of 22.19 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. 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 company posted $0.62 EPS. Analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.

Insider Buying and Selling at Micron Technology

In other news, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the transaction, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. The trade was a 23.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott J. Deboer sold 20,000 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president owned 186,353 shares of the company's stock, valued at $20,498,830. This represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,446 shares of company stock worth $31,154,717 over the last 90 days. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently bought and sold shares of MU. HMS Capital Management LLC grew its position in shares of Micron Technology by 0.6% during the 2nd quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer's stock worth $2,375,000 after purchasing an additional 107 shares in the last quarter. Twin Capital Management Inc. grew its position in shares of Micron Technology by 0.5% during the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after purchasing an additional 108 shares in the last quarter. D.B. Root & Company LLC grew its position in shares of Micron Technology by 3.7% during the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock worth $262,000 after purchasing an additional 108 shares in the last quarter. Cim Investment Management Inc. grew its position in shares of Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock worth $1,941,000 after purchasing an additional 114 shares in the last quarter. Finally, Werlinich Asset Management LLC boosted its position in shares of Micron Technology by 1.1% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,685 shares of the semiconductor manufacturer's stock worth $1,317,000 after acquiring an additional 115 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

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.