Micron Technology (NASDAQ:MU) Shares Up 1% on Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MUGet Free Report) shares shot up 1% during mid-day trading on Monday after Barclays raised their price target on the stock from $120.00 to $145.00. Barclays currently has an overweight rating on the stock. Micron Technology traded as high as $124.11 and last traded at $122.46. 7,911,570 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 19,794,426 shares. The stock had previously closed at $121.24.

MU has been the subject of several other reports. Citigroup reaffirmed a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. Bank of America increased their target price on shares of Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Thursday, March 21st. Stifel Nicolaus reiterated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Friday, April 12th. Finally, KeyCorp upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $124.60.

Read Our Latest Stock Report on MU

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the transaction, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Sumit Sadana sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $123.01, for a total value of $1,476,120.00. Following the completion of the sale, the executive vice president now owns 218,048 shares in the company, valued at approximately $26,822,084.48. The transaction 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 the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was 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 of the company’s stock, valued at $17,753,868.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 395,446 shares of company stock worth $45,156,253. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $769,372,000. FMR LLC raised its stake in Micron Technology by 47.9% in the third quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after buying an additional 7,089,790 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Micron Technology by 43.4% in the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after buying an additional 5,257,201 shares during the period. Morgan Stanley grew its holdings in shares of Micron Technology by 19.7% during the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after acquiring an additional 2,852,688 shares during the period. Finally, California Public Employees Retirement System lifted its stake in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after purchasing an additional 2,523,267 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 1.5 %

The company has a market cap of $138.21 billion, a PE ratio of -36.18 and a beta of 1.27. The stock has a 50 day moving average price of $112.31 and a 200 day moving average price of $92.22. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MUGet Free Report) last issued its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned ($2.03) earnings per share. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. Sell-side analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were paid a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 annualized dividend and a yield of 0.37%. Micron Technology’s payout ratio is -13.33%.

About Micron Technology

(Get Free Report)

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.

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