Micron Technology (NASDAQ:MU) Trading 3.1% Higher - Here's What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) traded up 3.1% during mid-day trading on Monday . The company traded as high as $105.88 and last traded at $105.75. 18,832,956 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 29,325,942 shares. The stock had previously closed at $102.60.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MU shares. Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Wednesday, December 18th. Mizuho lowered their target price on Micron Technology from $135.00 to $115.00 and set an "outperform" rating on the stock in a research note on Thursday, December 19th. Rosenblatt Securities reiterated a "buy" rating and set a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Needham & Company LLC lowered their price objective on Micron Technology from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Finally, China Renaissance assumed coverage on shares of Micron Technology in a research report on Monday, October 28th. They set a "buy" rating and a $148.00 target price for the company. One equities 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $135.24.

Micron Technology Stock Up 3.1 %

The company's fifty day simple moving average is $97.87 and its 200 day simple moving average is $102.02. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $117.82 billion, a PE ratio of 30.48 and a beta of 1.18.

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 analysts' consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the prior year, the company earned ($0.95) earnings per share. The firm's quarterly revenue was up 84.3% compared to the same quarter last year. Analysts anticipate that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares of the company's stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of MU. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology in the third quarter worth approximately $26,000. Davis Capital Management purchased a new position in shares of Micron Technology during the 3rd quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Micron Technology during the 2nd quarter valued at $39,000. Stone House Investment Management LLC increased 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 worth $34,000 after purchasing an additional 277 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after purchasing an additional 296 shares during the period. 80.84% of the stock is owned by institutional investors.

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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