Micron Technology, Inc. (NASDAQ:MU – Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $102.56, but opened at $109.85. Micron Technology shares last traded at $110.29, with a volume of 3,778,402 shares changing hands.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on MU shares. KeyCorp upped their price target on Micron Technology from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Wolfe Research raised their target price on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. TD Cowen raised their price target on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Raymond James lifted their price target on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, June 21st. Finally, Piper Sandler increased their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $158.72.
Micron Technology Stock Performance
The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $121.77 billion, a price-to-earnings ratio of -77.14 and a beta of 1.18. The stock has a fifty day moving average price of $130.09 and a 200-day moving average price of $112.56.
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period last year, the firm posted ($1.57) EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s payout ratio is -32.39%.
Insiders Place Their Bets
In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sumit Sadana sold 13,239 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares in the company, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. Insiders have sold 174,730 shares of company stock valued at $22,485,299 in the last three months. 0.32% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC purchased a new position in Micron Technology during the 4th quarter valued at $25,000. DecisionPoint Financial LLC purchased a new position in Micron Technology in the 1st quarter worth approximately $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology during the fourth quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the second quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter valued at $29,000. 80.84% of the stock is currently owned by hedge funds and other 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.