Micron Technology (NASDAQ:MU) Stock Price Up 2.1% - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price traded up 2.1% during mid-day trading on Friday . The stock traded as high as $105.00 and last traded at $104.75. 6,046,556 shares traded hands during trading, a decline of 76% from the average session volume of 25,174,287 shares. The stock had previously closed at $102.60.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Bank of America cut shares of Micron Technology from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 target price on shares of Micron Technology in a research report on Wednesday, December 18th. Finally, Mizuho cut their target price on shares of Micron Technology from $135.00 to $115.00 and set an "outperform" rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company's stock. According to MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average price target of $135.24.

Micron Technology Price Performance

The firm has a 50-day simple moving average of $98.00 and a 200-day simple moving average of $102.66. The firm has a market cap of $117.82 billion, a P/E ratio of 30.48 and a beta of 1.18. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

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

Micron Technology Announces Dividend

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

Insider Activity at Micron Technology

In other Micron Technology 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 sale, the executive vice president now 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

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