Micron Technology (NASDAQ:MU) Trading Up 2.2% - What's Next?

Key Points

• Micron Technology's stock increased by 2.2% to $187.83 after trading as high as $191.85, with a surge in trading volume reflecting investor interest.
• Research firms have raised their price targets for Micron Technology, with KeyCorp setting the highest target at $215.00, indicating strong analyst confidence.
• The company announced a quarterly dividend of $0.115 per share, which will be paid on October 21st, yielding 0.2% annually.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was up 2.2% during trading on Friday . The stock traded as high as $191.85 and last traded at $187.83. Approximately 29,309,125 shares traded hands during trading, an increase of 26% from the average daily volume of 23,322,322 shares. The stock had previously closed at $183.75.

Analyst Ratings Changes

Several research firms recently issued reports on MU. TD Cowen upped their target price on Micron Technology from $150.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Bank of America upped their price objective on Micron Technology from $140.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. CLSA started coverage on Micron Technology in a research note on Wednesday, August 27th. They set an "outperform" rating and a $155.00 price objective on the stock. Summit Insights raised shares of Micron Technology to a "strong-buy" rating in a research report on Tuesday, September 23rd. Finally, KeyCorp upped their price target on shares of Micron Technology from $160.00 to $215.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Micron Technology currently has an average rating of "Moderate Buy" and a consensus price target of $184.77.

Micron Technology Stock Performance

The stock has a market capitalization of $210.20 billion, a P/E ratio of 24.75, a PEG ratio of 0.40 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The company's fifty day simple moving average is $134.89 and its two-hundred day simple moving average is $110.70.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.2%. Micron Technology's dividend payout ratio (DPR) is 6.06%.

Insider Activity at Micron Technology

In related news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the transaction, the chief executive officer directly owned 310,148 shares in the company, valued at $56,093,367.28. This represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 109,456 shares of company stock valued at $15,698,445 in the last 90 days. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of the company. 180 Wealth Advisors LLC increased its stake in shares of Micron Technology by 1.9% in the 2nd quarter. 180 Wealth Advisors LLC now owns 5,235 shares of the semiconductor manufacturer's stock valued at $645,000 after purchasing an additional 99 shares during the last quarter. SilverOak Wealth Management LLC grew its position in Micron Technology by 3.5% in the second quarter. SilverOak Wealth Management LLC now owns 2,955 shares of the semiconductor manufacturer's stock valued at $364,000 after acquiring an additional 100 shares during the last quarter. Beta Wealth Group Inc. grew its position in Micron Technology by 1.5% in the second quarter. Beta Wealth Group Inc. now owns 6,805 shares of the semiconductor manufacturer's stock valued at $839,000 after acquiring an additional 102 shares during the last quarter. HMS Capital Management LLC grew its stake in shares of Micron Technology by 0.6% during the second quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer's stock worth $2,375,000 after buying an additional 107 shares during the last quarter. Finally, D.B. Root & Company LLC grew its position in 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 acquiring an additional 108 shares during the last quarter. 80.84% of the stock is owned by 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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