Micron Technology (NASDAQ:MU) Shares Up 2.9% on Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MUGet Free Report) shares shot up 2.9% on Wednesday after KeyCorp raised their price target on the stock from $160.00 to $165.00. KeyCorp currently has an overweight rating on the stock. Micron Technology traded as high as $135.39 and last traded at $134.90. 9,098,785 shares were traded during mid-day trading, a decline of 56% from the average session volume of 20,712,572 shares. The stock had previously closed at $131.14.

Several other analysts have also recently issued reports on MU. JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. The Goldman Sachs Group boosted their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Stifel Nicolaus boosted their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Raymond James upped their price target on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price target on shares of Micron Technology in a research report on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $158.72.

View Our Latest Report on Micron Technology

Insider Buying and Selling

In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total value of $783,510.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $80,483,154.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders have sold a total of 250,730 shares of company stock worth $31,063,449 over the last quarter. 0.32% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in Micron Technology during the fourth quarter worth approximately $769,372,000. Wellington Management Group LLP boosted its holdings in Micron Technology by 43.4% during 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Micron Technology by 125.0% during the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after buying an additional 2,523,267 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after buying an additional 2,397,885 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Up 4.0 %

The stock has a market capitalization of $151.23 billion, a P/E ratio of -96.05 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The stock’s fifty day moving average is $131.48 and its two-hundred day moving average is $109.14.

Micron Technology (NASDAQ:MUGet Free Report) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the business posted ($1.57) EPS. The company’s revenue was up 81.5% on a year-over-year basis. As a group, research analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Micron Technology Company Profile

(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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