Micron Technology (NASDAQ:MU) Trading Up 1.1% - Here's What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shot up 1.1% during trading on Thursday . The stock traded as high as $96.45 and last traded at $96.87. 3,757,105 shares were traded during trading, a decline of 84% from the average session volume of 23,412,218 shares. The stock had previously closed at $95.84.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wells Fargo & Company reiterated an "equal weight" rating on shares of Micron Technology in a research report on Monday, April 28th. Robert W. Baird lifted their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Cantor Fitzgerald reiterated an "overweight" rating and set a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Morgan Stanley decreased their price objective on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, 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 research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and a consensus price target of $126.48.

Micron Technology Stock Performance

The stock has a market cap of $107.87 billion, a P/E ratio of 27.81 and a beta of 1.21. The company has a fifty day moving average price of $83.15 and a 200 day moving average price of $92.61. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

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 for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's revenue was up 38.2% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the firm's 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 completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This trade represents a 8.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,808 shares of company stock valued at $1,858,424. Insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Large investors have recently bought and sold shares of the business. Sunbeam Capital Management LLC bought a new position in Micron Technology in the 4th quarter worth about $26,000. Beacon Capital Management LLC grew its stake in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter worth $33,000. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter worth $33,000. Finally, Roxbury Financial LLC grew its position in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

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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