Micron Technology (NASDAQ:MU) Trading 1% Higher - Here's What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) rose 1% during mid-day trading on Thursday . The stock traded as high as $113.15 and last traded at $112.99. Approximately 4,292,257 shares traded hands during trading, a decline of 80% from the average daily volume of 21,752,850 shares. The stock had previously closed at $111.83.

Analyst Ratings Changes

MU has been the subject of a number of research reports. Stifel Nicolaus lowered their target price on Micron Technology from $165.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, September 19th. Cantor Fitzgerald reissued an "overweight" rating and issued a $150.00 price target on shares of Micron Technology in a report on Tuesday, October 1st. TD Cowen increased their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, September 26th. BNP Paribas lowered shares of Micron Technology from an "outperform" rating to an "underperform" rating and decreased their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Finally, KeyCorp lowered their price target on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology has a consensus rating of "Moderate Buy" and an average price target of $143.04.

Micron Technology Trading Up 1.3 %

The business has a fifty day moving average of $99.49 and a 200-day moving average of $113.09. 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 company has a market capitalization of $125.61 billion, a P/E ratio of 166.16 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping 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 firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the previous year, the business earned ($1.21) EPS. The company's revenue was up 93.3% compared to the same quarter last year. Analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a $0.115 dividend. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.41%. Micron Technology's dividend payout ratio is currently 67.65%.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of MU. TrinityPoint Wealth LLC grew its stake in shares of Micron Technology by 3.5% in the 3rd quarter. TrinityPoint Wealth LLC now owns 57,986 shares of the semiconductor manufacturer's stock worth $6,014,000 after buying an additional 1,959 shares during the last quarter. Swiss National Bank grew its stake in shares of Micron Technology by 0.4% in the third quarter. Swiss National Bank now owns 3,291,300 shares of the semiconductor manufacturer's stock worth $341,341,000 after acquiring an additional 12,600 shares during the last quarter. Claro Advisors LLC increased its holdings in shares of Micron Technology by 21.7% during the third quarter. Claro Advisors LLC now owns 3,436 shares of the semiconductor manufacturer's stock valued at $356,000 after acquiring an additional 612 shares in the last quarter. Frazier Financial Advisors LLC raised its position in shares of Micron Technology by 516.8% in the 3rd quarter. Frazier Financial Advisors LLC now owns 1,357 shares of the semiconductor manufacturer's stock worth $141,000 after purchasing an additional 1,137 shares during the last quarter. Finally, Schear Investment Advisers LLC boosted its stake in Micron Technology by 50.6% in the 3rd quarter. Schear Investment Advisers LLC now owns 16,184 shares of the semiconductor manufacturer's stock worth $1,678,000 after purchasing an additional 5,438 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

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.

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