Micron Technology (NASDAQ:MU) Trading 1.9% Higher on Strong Earnings

Micron Technology, Inc. (NASDAQ:MU) was up 1.9% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $96.15 and last traded at $95.80. Approximately 11,296,381 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 21,367,480 shares. The stock had previously closed at $94.00.

The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company’s revenue was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.21) EPS.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MU shares. Wedbush reissued an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Thursday. Morgan Stanley lifted their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday. UBS Group lowered their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. TD Cowen increased their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Wells Fargo & Company decreased their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.38.

Institutional Trading of Micron Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Paragon Capital Management Inc. bought a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $2,309,000. Centaurus Financial Inc. increased its stake in Micron Technology by 13.2% during the second quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock valued at $1,748,000 after purchasing an additional 1,554 shares during the last quarter. SS&H Financial Advisors Inc. raised its holdings in shares of Micron Technology by 3.2% during the second quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock worth $2,797,000 after purchasing an additional 650 shares during the period. Heritage Wealth Management Inc. bought a new position in shares of Micron Technology in the 2nd quarter worth about $445,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of Micron Technology in the 2nd quarter valued at about $5,306,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 1.6 %

The firm has a market cap of $119.84 billion, a P/E ratio of -76.02, a P/E/G ratio of 0.20 and a beta of 1.17. The business’s 50-day moving average is $97.77 and its two-hundred day moving average is $114.60. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

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.