Micron Technology (NASDAQ:MU) Trading 3.6% Higher – What’s Next?

Micron Technology, Inc. (NASDAQ:MU) shares shot up 3.6% on Wednesday . The company traded as high as $109.39 and last traded at $109.29. 5,606,977 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 21,765,701 shares. The stock had previously closed at $105.49.

Analyst Ratings Changes

MU has been the topic of several research analyst reports. TD Cowen boosted their price objective on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. BNP Paribas cut Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price target for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Citigroup cut their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Cantor Fitzgerald reissued an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a report on Tuesday, October 1st. Finally, Stifel Nicolaus dropped their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Stock Up 6.0 %

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The company has a fifty day simple moving average of $99.49 and a two-hundred day simple moving average of $113.09. The firm has a market capitalization of $123.99 billion, a PE ratio of 164.46 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.21) EPS. Analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. Micron Technology’s dividend payout ratio (DPR) is presently 67.65%.

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, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MU. Price T Rowe Associates Inc. MD boosted its holdings in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the last quarter. Van ECK Associates Corp grew its position in Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after purchasing an additional 2,477,985 shares during the period. Capital International Investors raised its stake in shares of Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after buying an additional 2,397,885 shares during the last quarter. Swedbank AB raised its stake 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 valued at $348,447,000 after buying an additional 2,187,460 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after buying an additional 1,809,000 shares during the period. Institutional investors and hedge funds 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.