Micron Technology (NASDAQ:MU) Trading Up 0.8% - Here's What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) rose 0.8% during mid-day trading on Monday . The stock traded as high as $97.42 and last traded at $97.12. Approximately 3,619,934 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 21,594,365 shares. The stock had previously closed at $96.34.

Analyst Upgrades and Downgrades

MU has been the subject of several analyst reports. Bank of America lifted their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a "buy" rating and a $148.00 price objective for the company. Robert W. Baird cut their target price on shares of Micron Technology from $172.00 to $150.00 and set an "outperform" rating for the company in a research report on Friday, September 27th. BNP Paribas lowered shares of Micron Technology from an "outperform" rating to an "underperform" rating and cut their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Finally, Raymond James boosted their target price on shares of Micron Technology from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $143.04.

Micron Technology Trading Up 1.3 %

The company's fifty day simple moving average is $101.33 and its two-hundred day simple moving average is $112.74. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $108.19 billion, a price-to-earnings ratio of 142.83 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the prior year, the firm earned ($1.21) earnings per share. The firm's revenue was up 93.3% compared to the same quarter last year. Research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's dividend payout ratio (DPR) is currently 67.65%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company's stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.32% of the company's stock.

Institutional Trading of Micron Technology

A number of hedge funds have recently modified their holdings of the stock. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the 2nd quarter worth about $28,000. Highline Wealth Partners LLC acquired a new stake in Micron Technology in the 3rd quarter worth about $26,000. Richard W. Paul & Associates LLC raised its stake in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 144 shares in the last quarter. LRI Investments LLC raised its stake in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Finally, Davis Capital Management acquired a new stake in Micron Technology in the 3rd quarter worth about $30,000. Institutional investors and hedge funds 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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