Shares of Micron Technology, Inc. (NASDAQ:MU – Get Free Report) were up 0.3% during mid-day trading on Monday . The company traded as high as $102.19 and last traded at $101.17. Approximately 12,381,020 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 15,832,277 shares. The stock had previously closed at $100.87.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on MU shares. Morgan Stanley increased their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. Bank of America increased their price objective on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Stifel Nicolaus reduced their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Needham & Company LLC reiterated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Finally, Wedbush restated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.04.
Micron Technology Stock Performance
The stock has a market capitalization of $112.71 billion, a P/E ratio of 148.78 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $103.66 and a two-hundred day simple moving average of $110.39.
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the previous year, the business earned ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.
Micron Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s payout ratio is 67.65%.
Insider Activity at Micron Technology
In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by corporate insiders.
Institutional Trading of Micron Technology
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its holdings in Micron Technology by 30.6% in the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock valued at $1,109,769,000 after purchasing an additional 2,477,985 shares during the period. Swedbank AB boosted its position in shares of Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Micron Technology by 21.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock valued at $1,174,643,000 after buying an additional 2,022,180 shares in the last quarter. State Street Corp raised its stake in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after buying an additional 1,434,568 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its stake in Micron Technology by 254.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock valued at $192,840,000 after acquiring an additional 1,334,690 shares during the period. Institutional investors own 80.84% of the company’s stock.
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.