Micron Technology (NASDAQ:MU) Shares Up 3% - What's Next?

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) were up 3% during mid-day trading on Tuesday . The company traded as high as $95.46 and last traded at $95.05. Approximately 7,862,832 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 23,287,934 shares. The stock had previously closed at $92.29.

Analyst Ratings Changes

MU has been the topic of a number of research analyst reports. Citigroup reduced their target price on Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Barclays cut their target price on Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. 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 research note on Wednesday, March 26th. Robert W. Baird raised their target price on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research note on Friday, March 21st. Finally, Wedbush reissued an "underperform" rating on shares of Micron Technology in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and an average price target of $126.48.

Micron Technology Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm has a market cap of $104.34 billion, a P/E ratio of 26.92 and a beta of 1.21. The business's 50-day simple moving average is $82.78 and its 200 day simple moving average is $92.83.

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

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is 11.03%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now owns 24,954 shares in the company, valued at $1,996,320. This represents a 8.79% 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 worth $1,858,424 in the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Brookstone Capital Management boosted its stake in shares of Micron Technology by 8.8% during the fourth quarter. Brookstone Capital Management now owns 11,921 shares of the semiconductor manufacturer's stock valued at $1,003,000 after purchasing an additional 961 shares in the last quarter. Capital Investment Advisors LLC lifted its position in Micron Technology by 7.5% during the fourth quarter. Capital Investment Advisors LLC now owns 6,317 shares of the semiconductor manufacturer's stock valued at $532,000 after acquiring an additional 439 shares during the last quarter. Claro Advisors LLC lifted its position in Micron Technology by 9.5% during the fourth quarter. Claro Advisors LLC now owns 3,762 shares of the semiconductor manufacturer's stock valued at $317,000 after acquiring an additional 326 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in Micron Technology during the fourth quarter valued at approximately $253,000. Finally, Signal Advisors Wealth LLC lifted its position in Micron Technology by 1.0% during the fourth quarter. Signal Advisors Wealth LLC now owns 12,744 shares of the semiconductor manufacturer's stock valued at $1,074,000 after acquiring an additional 129 shares during 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.