Micron Technology (NASDAQ:MU) Shares Up 4.2%

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 4.2% during mid-day trading on Monday . The company traded as high as $121.37 and last traded at $119.53. 10,560,988 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 20,141,805 shares. The stock had previously closed at $114.70.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of Micron Technology from $78.00 to $98.00 and gave the stock an “underweight” rating in a research note on Thursday, March 21st. Robert W. Baird raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $115.00 to $150.00 in a research note on Monday. UBS Group raised their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Raymond James raised their price objective on shares of Micron Technology from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Finally, Mizuho raised their price objective on shares of Micron Technology from $105.00 to $124.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $123.60.

Micron Technology Trading Up 4.7 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The stock has a market cap of $132.62 billion, a price-to-earnings ratio of -34.65 and a beta of 1.27. The company’s 50 day simple moving average is $108.95 and its two-hundred day simple moving average is $89.96.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($2.03) earnings per share. Research analysts expect that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now directly owns 728,557 shares in the company, valued at approximately $94,712,410. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at $17,753,868.10. The disclosure for this sale can be found here. Insiders have sold a total of 323,890 shares of company stock valued at $36,079,267 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC bought a new position in Micron Technology during the fourth quarter worth $25,000. DecisionPoint Financial LLC bought a new position in Micron Technology during the first quarter worth $25,000. Pingora Partners LLC bought a new position in Micron Technology during the fourth quarter worth $26,000. OFI Invest Asset Management bought a new position in Micron Technology during the third quarter worth $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Micron Technology during the third quarter worth $28,000. 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.