Micron Technology (NASDAQ:MU) Trading 2.7% Higher After Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU) shares traded up 2.7% during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $110.00 to $130.00. Citigroup currently has a buy rating on the stock. Micron Technology traded as high as $114.35 and last traded at $113.90. 7,767,501 shares changed hands during trading, a decline of 67% from the average session volume of 23,561,632 shares. The stock had previously closed at $110.95.

A number of other brokerages have also issued reports on MU. Mizuho boosted their target price on shares of Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, June 5th. Barclays lowered their target price on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen lowered Micron Technology from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Robert W. Baird lifted their target price on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Finally, KGI Securities raised Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.00.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 3,938 shares of Micron Technology stock in a transaction on Monday, June 9th. The shares were sold at an average price of $110.88, for a total transaction of $436,645.44. Following the sale, the chief executive officer now owns 387,175 shares of the company’s stock, valued at $42,929,964. The trade was a 1.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the sale, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,904 shares of company stock valued at $4,665,124. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. Brighton Jones LLC boosted its position in shares of Micron Technology by 18.3% during the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock valued at $532,000 after acquiring an additional 976 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in shares of Micron Technology by 7.3% during the 4th quarter. Kingsview Wealth Management LLC now owns 4,867 shares of the semiconductor manufacturer’s stock valued at $410,000 after acquiring an additional 330 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Micron Technology by 13.2% during the 4th quarter. Empowered Funds LLC now owns 61,364 shares of the semiconductor manufacturer’s stock valued at $5,164,000 after acquiring an additional 7,176 shares during the last quarter. Quotient Wealth Partners LLC boosted its position in shares of Micron Technology by 6.5% during the 4th quarter. Quotient Wealth Partners LLC now owns 2,694 shares of the semiconductor manufacturer’s stock valued at $227,000 after acquiring an additional 165 shares during the last quarter. Finally, Angeles Wealth Management LLC boosted its position in shares of Micron Technology by 20.5% during the 4th quarter. Angeles Wealth Management LLC now owns 4,525 shares of the semiconductor manufacturer’s stock valued at $381,000 after acquiring an additional 770 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 2.9%

The firm has a 50-day moving average of $85.21 and a two-hundred day moving average of $92.26. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $127.56 billion, a PE ratio of 32.89 and a beta of 1.28.

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

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology’s payout ratio is currently 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.