Micron Technology (NASDAQ:MU) Stock Price Up 4% on Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MUGet Free Report) shot up 4% during trading on Monday after Morgan Stanley upgraded the stock from an underweight rating to an equal weight rating. Morgan Stanley now has a $130.00 price target on the stock, up from their previous price target of $98.00. Micron Technology traded as high as $131.02 and last traded at $130.24. 8,045,403 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 19,540,916 shares. The stock had previously closed at $125.29.

MU has been the topic of a number of other reports. KeyCorp upped their target price on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Cantor Fitzgerald upped their price target on Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, April 8th. TD Cowen upped their price target on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Finally, Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.92.

Get Our Latest Report on MU

Insider Transactions at Micron Technology

In other news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the transaction, the senior vice president now owns 138,387 shares of the company’s stock, valued at $17,079,723.54. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the completion of the transaction, the senior vice president now owns 138,387 shares of the company’s stock, valued at $17,079,723.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 417,446 shares of company stock valued at $47,867,783. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of the business. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the 1st quarter worth about $25,000. Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. Tidemark LLC purchased a new stake in shares of Micron Technology during the 4th quarter worth about $25,000. Pingora Partners LLC acquired a new position in shares of Micron Technology during the 4th quarter valued at about $26,000. Finally, Riverview Trust Co acquired a new position in shares of Micron Technology during the 1st quarter valued at about $39,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The firm has a market cap of $142.85 billion, a price-to-earnings ratio of -37.39 and a beta of 1.27. The stock has a fifty day moving average price of $115.39 and a 200 day moving average price of $94.30.

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

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date was Thursday, March 28th. Micron Technology’s dividend payout ratio (DPR) is currently -13.33%.

Micron Technology Company Profile

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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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