Micron Technology (NASDAQ:MU) Trading 1.4% Higher

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 1.4% during mid-day trading on Friday . The stock traded as high as $114.84 and last traded at $113.12. 8,272,753 shares were traded during trading, a decline of 59% from the average session volume of 20,394,986 shares. The stock had previously closed at $111.58.

Wall Street Analyst Weigh In

Several research firms have issued reports on MU. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Needham & Company LLC raised their target price on shares of Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Bank of America raised their target price on shares of Micron Technology from $120.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. raised their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology Trading Up 2.9 %

The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm’s 50-day simple moving average is $105.24 and its 200 day simple moving average is $87.85. The stock has a market capitalization of $127.17 billion, a P/E ratio of -32.79 and a beta of 1.27.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.03) EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a $0.115 dividend. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. Micron Technology’s payout ratio is -13.33%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $87.02, for a total transaction of $609,140.00. Following the completion of the sale, the chief executive officer now owns 788,557 shares of the company’s stock, valued at $68,620,230.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,890 shares of company stock valued at $29,738,667. 0.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. YHB Investment Advisors Inc. acquired a new position in shares of Micron Technology during the first quarter worth approximately $180,000. Guild Investment Management Inc. acquired a new position in shares of Micron Technology during the first quarter worth approximately $220,000. Clear Creek Financial Management LLC lifted its holdings in shares of Micron Technology by 3.3% during the first quarter. Clear Creek Financial Management LLC now owns 25,855 shares of the semiconductor manufacturer’s stock worth $3,048,000 after buying an additional 835 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in shares of Micron Technology in the first quarter valued at $374,000. Finally, MONECO Advisors LLC raised its stake in shares of Micron Technology by 8.7% in the first quarter. MONECO Advisors LLC now owns 4,612 shares of the semiconductor manufacturer’s stock valued at $544,000 after purchasing an additional 371 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.