Micron Technology (NASDAQ:MU) Trading Up 0.6% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) was up 0.6% on Thursday . The stock traded as high as $104.80 and last traded at $103.80. Approximately 6,377,761 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 26,172,996 shares. The stock had previously closed at $103.19.

Wall Street Analysts Forecast Growth

MU has been the subject of several analyst reports. Stifel Nicolaus reduced their price target on shares of Micron Technology from $135.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, December 19th. JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. UBS Group dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Sanford C. Bernstein reduced their price objective on Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Wednesday, December 18th. Finally, Susquehanna decreased their price objective on Micron Technology from $175.00 to $165.00 and set a "positive" rating for the company in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $135.24.

Micron Technology Trading Up 3.1 %

The firm has a 50 day moving average price of $97.87 and a two-hundred day moving average price of $102.48. The firm has a market capitalization of $117.82 billion, a P/E ratio of 30.48 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the previous year, the company earned ($0.95) EPS. The business's revenue for the quarter was up 84.3% compared to the same quarter last year. On average, equities research analysts expect that Micron Technology, Inc. will post 6.25 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology's dividend payout ratio is 13.26%.

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 Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares of the company's stock, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MU. Highline Wealth Partners LLC bought a new position in shares of Micron Technology during the 3rd quarter valued at $26,000. Davis Capital Management acquired a new stake in shares of Micron Technology in the third quarter worth about $30,000. True Wealth Design LLC boosted its stake in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after acquiring an additional 296 shares in the last quarter. DT Investment Partners LLC increased its holdings in shares of Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 235 shares during the last quarter. Finally, Stone House Investment Management LLC raised its stake in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 277 shares in the last quarter. 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.