Micron Technology (NASDAQ:MU) Trading Up 11.4% – Here’s Why

by · The Cerbat Gem

Micron Technology, Inc. (NASDAQ:MU – Get Free Report) shares rose 11.4% during mid-day trading on Monday . The company traded as high as $100.21 and last traded at $100.09. Approximately 20,129,801 shares were traded during trading, an increase of 12% from the average daily volume of 17,914,459 shares. The stock had previously closed at $89.87.

Analyst Upgrades and Downgrades

MU has been the topic of several research analyst reports. Sanford C. Bernstein decreased their price objective on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Raymond James increased their price target on shares of Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Micron Technology in a research note on Wednesday, December 18th. Finally, KeyCorp dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $135.24.

Check Out Our Latest Research Report on MU

Micron Technology Stock Performance

The business has a fifty day moving average of $98.79 and a 200 day moving average of $104.03. The company has a market cap of $110.76 billion, a P/E ratio of 146.19 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. During the same period last year, the company posted ($0.95) EPS. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. On average, equities analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. The ex-dividend date is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.46%. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently modified their holdings of MU. Stonebrook Private Inc. grew its position in Micron Technology by 4.2% during the 3rd quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after purchasing an additional 98 shares during the last quarter. John G Ullman & Associates Inc. raised its holdings in Micron Technology by 2.5% in the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after buying an additional 100 shares during the last quarter. Trust Co. of Vermont lifted its stake in shares of Micron Technology by 14.3% in the third quarter. Trust Co. of Vermont now owns 821 shares of the semiconductor manufacturer’s stock worth $85,000 after buying an additional 103 shares in the last quarter. PDS Planning Inc grew its holdings in shares of Micron Technology by 2.4% during the third quarter. PDS Planning Inc now owns 4,382 shares of the semiconductor manufacturer’s stock valued at $454,000 after buying an additional 104 shares during the last quarter. Finally, Legacy Financial Advisors Inc. increased its position in shares of Micron Technology by 5.3% during the second quarter. Legacy Financial Advisors Inc. now owns 2,357 shares of the semiconductor manufacturer’s stock valued at $310,000 after acquiring an additional 118 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

(Get Free Report)

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.

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