Micron Technology (NASDAQ:MU) Reaches New 12-Month High at $77.50

Micron Technology, Inc. (NASDAQ:MU) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $77.50 and last traded at $76.73, with a volume of 1063223 shares. The stock had previously closed at $77.17.

Analyst Ratings Changes

MU has been the subject of a number of analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Micron Technology in a report on Tuesday, September 26th. Citigroup reiterated a “buy” rating and set a $85.00 price objective on shares of Micron Technology in a research note on Thursday, September 28th. Wedbush reissued an “outperform” rating and issued a $80.00 target price on shares of Micron Technology in a research note on Thursday, September 21st. Wolfe Research started coverage on Micron Technology in a research report on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 price target for the company. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $46.00 to $58.50 and gave the company an “underweight” rating in a research report on Monday, September 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.75.

Micron Technology Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 4.46 and a quick ratio of 2.70. The stock has a market cap of $84.30 billion, a PE ratio of -14.45 and a beta of 1.30. The stock has a 50-day moving average price of $69.55 and a two-hundred day moving average price of $67.25.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.08. The firm had revenue of $4.01 billion during the quarter, compared to analyst estimates of $3.95 billion. Micron Technology had a negative net margin of 37.53% and a negative return on equity of 11.65%. Micron Technology’s revenue for the quarter was down 39.6% compared to the same quarter last year. During the same period last year, the firm posted $1.36 earnings per share. Sell-side analysts forecast that Micron Technology, Inc. will post -2.52 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Tuesday, October 10th were paid a dividend of $0.115 per share. The ex-dividend date was Friday, October 6th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.60%. Micron Technology’s dividend payout ratio is -8.61%.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $63.93, for a total transaction of $447,510.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares of the company’s stock, valued at approximately $37,262,367.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $63.93, for a total value of $447,510.00. Following the completion of the sale, the chief executive officer now owns 582,862 shares in the company, valued at approximately $37,262,367.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Scott R. Allen sold 8,882 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $67.79, for a total transaction of $602,110.78. Following the transaction, the chief accounting officer now owns 49,575 shares in the company, valued at $3,360,689.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,390 shares of company stock valued at $8,709,053. 0.32% of the stock is currently owned by company insiders.

Institutional Trading of Micron Technology

Institutional investors have recently made changes to their positions in the business. State Street Corp grew its holdings in shares of Micron Technology by 0.6% during the second quarter. State Street Corp now owns 46,193,578 shares of the semiconductor manufacturer’s stock valued at $2,915,277,000 after buying an additional 282,292 shares during the last quarter. FMR LLC grew its stake in Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after purchasing an additional 7,089,790 shares during the last quarter. Capital World Investors increased its holdings in shares of Micron Technology by 19.8% in the second quarter. Capital World Investors now owns 21,320,648 shares of the semiconductor manufacturer’s stock valued at $1,345,546,000 after purchasing an additional 3,523,684 shares during the period. Geode Capital Management LLC increased its holdings in shares of Micron Technology by 2.4% in the second quarter. Geode Capital Management LLC now owns 20,833,138 shares of the semiconductor manufacturer’s stock valued at $1,311,265,000 after purchasing an additional 484,293 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Micron Technology by 15.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,582,772 shares of the semiconductor manufacturer’s stock worth $1,060,946,000 after purchasing an additional 2,308,702 shares during the last quarter. Institutional investors and hedge funds own 79.25% 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.