Micron Technology (NASDAQ:MU) Trading Up 2.1% After Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price was up 2.1% on Monday after Barclays raised their price target on the stock from $110.00 to $115.00. Barclays currently has an overweight rating on the stock. Micron Technology traded as high as $98.42 and last traded at $96.67. Approximately 12,123,322 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 22,466,174 shares. The stock had previously closed at $94.72.

Other analysts have also recently issued reports about the company. Stifel Nicolaus dropped their target price on Micron Technology from $135.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, December 19th. Piper Sandler lowered their target price on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Robert W. Baird boosted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research note on Friday, March 21st. Sanford C. Bernstein cut their target price on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Wednesday, December 18th. Finally, TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $129.96.

Insider Activity

In other news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares of the company's stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harmony Asset Management LLC increased its stake in Micron Technology by 75.6% in the third quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer's stock valued at $1,233,000 after purchasing an additional 5,120 shares during the last quarter. E Fund Management Co. Ltd. grew its position in Micron Technology by 31.8% during the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock valued at $3,062,000 after acquiring an additional 8,780 shares during the period. Stablepoint Partners LLC purchased a new stake in Micron Technology during the fourth quarter valued at about $569,000. State Street Corp increased its stake in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock worth $5,001,592,000 after acquiring an additional 1,434,568 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of Micron Technology in the 3rd quarter worth about $2,414,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Down 1.1 %

The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $101.88 billion, a price-to-earnings ratio of 26.27 and a beta of 1.23. The firm has a 50 day moving average price of $96.35 and a two-hundred day moving average price of $98.36.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the firm earned $0.42 earnings per share. Micron Technology's revenue for the quarter was up 38.2% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology's dividend payout ratio is presently 11.03%.

About Micron Technology

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.