Micron Technology (NASDAQ:MU) Shares Up 1.4% – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 1.4% on Friday . The company traded as high as $89.14 and last traded at $88.53. 5,342,647 shares were traded during trading, a decline of 54% from the average session volume of 11,695,287 shares. The stock had previously closed at $87.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler lowered their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Raymond James upped their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. TD Cowen reduced 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. Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Tuesday, December 17th. Finally, Needham & Company LLC dropped their price target on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $135.24.

Micron Technology Stock Performance

The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $100.13 billion, a P/E ratio of 132.16 and a beta of 1.18. The business has a fifty day moving average price of $99.06 and a 200-day moving average price of $105.29.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the prior year, the business earned ($0.95) EPS. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. On average, sell-side analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th will be paid a dividend of $0.115 per share. The ex-dividend date is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently bought and sold shares of MU. Foundations Investment Advisors LLC grew its stake in Micron Technology by 20.6% during the second quarter. Foundations Investment Advisors LLC now owns 6,615 shares of the semiconductor manufacturer’s stock valued at $870,000 after acquiring an additional 1,131 shares in the last quarter. FineMark National Bank & Trust lifted its position in shares of Micron Technology by 4.1% in the second quarter. FineMark National Bank & Trust now owns 3,696 shares of the semiconductor manufacturer’s stock worth $486,000 after buying an additional 147 shares in the last quarter. TD Asset Management Inc boosted its stake in Micron Technology by 2.6% during the second quarter. TD Asset Management Inc now owns 550,866 shares of the semiconductor manufacturer’s stock valued at $72,455,000 after buying an additional 13,728 shares during the last quarter. Northwest Wealth Management LLC purchased a new position in Micron Technology during the 2nd quarter valued at approximately $214,000. Finally, Flynn Zito Capital Management LLC increased its stake in Micron Technology by 32.6% in the 2nd quarter. Flynn Zito Capital Management LLC now owns 23,213 shares of the semiconductor manufacturer’s stock worth $3,053,000 after acquiring an additional 5,701 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.