Micron Technology (NASDAQ:MU) Trading 3.4% Higher - Here's Why

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares shot up 3.4% on Tuesday . The company traded as high as $72.97 and last traded at $70.67. 14,205,455 shares changed hands during trading, a decline of 38% from the average session volume of 22,862,082 shares. The stock had previously closed at $68.37.

Wall Street Analyst Weigh In

Several research firms have weighed in on MU. Bank of America downgraded Micron Technology from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Royal Bank of Canada set a $125.00 target price on shares of Micron Technology in a research note on Wednesday, March 19th. Wells Fargo & Company decreased their price target on shares of Micron Technology from $140.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Piper Sandler dropped their price objective on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $129.36.

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Micron Technology Trading Down 0.7 %

The stock has a market cap of $77.73 billion, a PE ratio of 20.04 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. The company's 50-day moving average price is $90.66 and its 200 day moving average price is $97.09.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm earned $0.42 EPS. The company's revenue was up 38.2% compared to the same quarter last year. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio is presently 11.03%.

Insider Transactions at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

Institutional Trading of Micron Technology

Institutional investors have recently made changes to their positions in the business. E Fund Management Co. Ltd. raised its holdings in Micron Technology by 31.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after buying an additional 8,780 shares during the period. CIBC Private Wealth Group LLC grew its stake in Micron Technology by 43.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock valued at $1,193,000 after purchasing an additional 4,264 shares in the last quarter. Stablepoint Partners LLC bought a new position in Micron Technology in the fourth quarter valued at approximately $569,000. Landscape Capital Management L.L.C. increased its position in shares of Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after purchasing an additional 28,621 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its stake in shares of Micron Technology by 11.7% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 502,374 shares of the semiconductor manufacturer's stock worth $42,280,000 after purchasing an additional 52,729 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

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.