Micron Technology (NASDAQ:MU) Stock Price Up 4.3% After Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price shot up 4.3% during trading on Friday after Mizuho raised their price target on the stock from $124.00 to $130.00. Mizuho currently has an outperform rating on the stock. Micron Technology traded as high as $110.67 and last traded at $110.85. 7,219,083 shares changed hands during trading, a decline of 69% from the average session volume of 23,505,628 shares. The stock had previously closed at $106.29.

Several other equities analysts have also recently commented on MU. UBS Group boosted their target price on Micron Technology from $92.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research report on Wednesday, March 19th. Morgan Stanley reduced their target price on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Micron Technology in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $128.20.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. This represents a 8.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at $15,847,482.42. The trade was a 8.34% decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $26,000. Beacon Capital Management LLC grew its stake in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after buying an additional 200 shares during the last quarter. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth approximately $33,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the 1st quarter worth approximately $33,000. Finally, Activest Wealth Management grew its stake in shares of Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 350 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

The firm has a 50 day moving average of $83.97 and a two-hundred day moving average of $92.17. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company has a market cap of $121.32 billion, a PE ratio of 31.29 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the business posted $0.42 EPS. The company’s revenue was up 38.2% compared to the same quarter last year. Research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.42%. Micron Technology’s dividend payout ratio is 11.03%.

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.