Micron Technology (NASDAQ:MU) Trading 2.9% Higher – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 2.9% on Thursday . The company traded as high as $113.79 and last traded at $112.44. 9,565,815 shares changed hands during trading, a decline of 57% from the average session volume of 22,225,598 shares. The stock had previously closed at $109.24.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MU. Bank of America upped their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Piper Sandler boosted their target price on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. KeyCorp decreased their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Wedbush reiterated an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. Finally, UBS Group dropped their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. One investment 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 company’s stock. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.85.

Micron Technology Trading Up 3.0 %

The business has a 50-day moving average of $97.88 and a 200-day moving average of $114.64. The stock has a market capitalization of $124.81 billion, a price-to-earnings ratio of -79.18 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.21) EPS. As a group, research analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be given 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 yield of 0.41%. Micron Technology’s payout ratio is currently -32.39%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MU. Atria Investments Inc raised its stake in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after purchasing an additional 93 shares in the last quarter. Aspect Partners LLC raised its position in Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock valued at $43,000 after buying an additional 94 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the period. Ameritas Advisory Services LLC increased its stake in shares of Micron Technology by 1.3% in the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock worth $1,003,000 after acquiring an additional 98 shares during the last quarter. Finally, LRI Investments LLC increased its holdings in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the last quarter. 80.84% of the stock is 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.