Micron Technology (NASDAQ:MU) Shares Up 6.9% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s stock price was up 6.9% during mid-day trading on Monday . The company traded as high as $111.13 and last traded at $109.55. Approximately 18,543,551 shares were traded during trading, a decline of 13% from the average daily volume of 21,281,541 shares. The stock had previously closed at $102.50.

Wall Street Analysts Forecast Growth

MU has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Micron Technology in a report on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research note on Wednesday. Raymond James upped their target price on shares of Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Finally, Susquehanna cut their price target on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. One research 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Trading Up 0.3 %

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 firm has a market capitalization of $120.99 billion, a P/E ratio of 159.71 and a beta of 1.16. The firm has a 50 day moving average price of $103.80 and a two-hundred day moving average price of $109.12.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating 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 business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the company posted ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% on a year-over-year basis. On average, equities research analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s payout ratio is currently 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 that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently modified their holdings of MU. Hennion & Walsh Asset Management Inc. raised its position in Micron Technology by 42.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock valued at $434,000 after acquiring an additional 984 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Micron Technology by 13.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,941 shares of the semiconductor manufacturer’s stock worth $387,000 after purchasing an additional 355 shares during the last quarter. Focus Financial Network Inc. raised its holdings in shares of Micron Technology by 3.9% during the 2nd quarter. Focus Financial Network Inc. now owns 2,804 shares of the semiconductor manufacturer’s stock valued at $369,000 after purchasing an additional 106 shares in the last quarter. Vicus Capital acquired a new stake in shares of Micron Technology in the 2nd quarter valued at $447,000. Finally, Traphagen Investment Advisors LLC bought a new stake in Micron Technology in the second quarter worth $202,000. 80.84% of the stock is 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.