Micron Technology (NASDAQ:MU) Stock Price Up 2.1%

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 2.1% on Tuesday . The company traded as high as $97.47 and last traded at $96.59. 6,720,879 shares were traded during trading, a decline of 68% from the average session volume of 21,300,879 shares. The stock had previously closed at $94.64.

Wall Street Analyst Weigh In

Several brokerages have commented on MU. Barclays boosted their price target on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Citigroup lifted their price objective on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Needham & Company LLC increased their target price on Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. KeyCorp reduced their price target on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $157.92.

Micron Technology Stock Performance

The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average price of $122.73 and a 200 day moving average price of $113.06. The stock has a market cap of $111.34 billion, a PE ratio of -70.71 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter last year, the firm posted ($1.57) EPS. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. As a group, research analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.46%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $127.66, for a total value of $893,620.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $91,793,795.34. The disclosure for this sale can be found here. In the last three months, insiders sold 67,174 shares of company stock valued at $9,528,693. Corporate insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Large investors have recently made changes to their positions in the stock. APG Asset Management N.V. raised its stake in shares of Micron Technology by 12.6% in the second quarter. APG Asset Management N.V. now owns 783,544 shares of the semiconductor manufacturer’s stock worth $96,160,000 after purchasing an additional 87,485 shares during the last quarter. APG Asset Management US Inc. increased its holdings in Micron Technology by 3.8% in the 2nd quarter. APG Asset Management US Inc. now owns 350,572 shares of the semiconductor manufacturer’s stock worth $46,107,000 after buying an additional 12,976 shares during the period. AQR Capital Management LLC raised its position in Micron Technology by 360.7% during the 2nd quarter. AQR Capital Management LLC now owns 467,026 shares of the semiconductor manufacturer’s stock worth $61,428,000 after buying an additional 365,647 shares during the last quarter. AXA S.A. lifted its stake in Micron Technology by 1.0% during the 2nd quarter. AXA S.A. now owns 478,985 shares of the semiconductor manufacturer’s stock valued at $63,001,000 after acquiring an additional 4,545 shares during the period. Finally, AlTi Global Inc. boosted its holdings in shares of Micron Technology by 4.8% in the 2nd quarter. AlTi Global Inc. now owns 3,766 shares of the semiconductor manufacturer’s stock valued at $495,000 after acquiring an additional 172 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.