Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) rose 5.4% during trading on Monday . The stock traded as high as $74.78 and last traded at $73.29. Approximately 11,777,027 shares were traded during trading, a decline of 49% from the average daily volume of 23,197,092 shares. The stock had previously closed at $69.55.
Analysts Set New Price Targets
Several brokerages have issued reports on MU. TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Needham & Company LLC decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Rosenblatt Securities dropped their price objective on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Finally, Piper Sandler decreased their target price on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Micron Technology presently has a consensus rating of "Moderate Buy" and an average target price of $129.36.
View Our Latest Analysis on MU
Micron Technology Stock Performance
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 has a market cap of $76.89 billion, a PE ratio of 19.83 and a beta of 1.18. The company's 50 day moving average price is $88.74 and its 200-day moving average price is $96.14.
Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the business posted $0.42 earnings per share. The business's revenue for the quarter was up 38.2% on a year-over-year basis. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.
Micron Technology Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.67%. Micron Technology's payout ratio is 11.03%.
Insider Activity at Micron Technology
In related news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Monday, March 3rd. The shares were 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 $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Micron Technology during the fourth quarter valued at about $1,470,875,000. Capital World Investors raised its position in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. FMR LLC boosted its position in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares in the last quarter. Capital Research Global Investors grew its stake in Micron Technology by 139.7% in the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors raised its holdings in Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.
About Micron Technology
(
Get Free Report)
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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