Micron Technology, Inc. (NASDAQ:MU – Get Free Report)’s stock price shot up 3.1% during mid-day trading on Monday . The company traded as high as $66.54 and last traded at $66.34. 3,453,471 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 16,197,228 shares. The stock had previously closed at $64.37.
Analyst Ratings Changes
A number of brokerages have issued reports on MU. Wedbush boosted their price target on Micron Technology from $65.00 to $80.00 in a report on Monday, June 26th. 22nd Century Group reaffirmed a “maintains” rating on shares of Micron Technology in a research note on Thursday, June 29th. Stifel Nicolaus upped their target price on Micron Technology from $55.00 to $65.00 in a research note on Monday, June 26th. Piper Sandler raised Micron Technology from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $70.00 in a research note on Thursday, June 29th. Finally, Raymond James upped their target price on Micron Technology from $70.00 to $76.00 in a research note on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.43.
Check Out Our Latest Analysis on MU
Micron Technology Trading Down 4.3 %
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) EPS for the quarter, beating the consensus estimate of ($1.61) by $0.18. Micron Technology had a negative return on equity of 5.40% and a negative net margin of 16.02%. The business had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter in the prior year, the company posted $2.50 EPS. The company’s quarterly revenue was down 56.6% on a year-over-year basis. On average, research analysts expect that Micron Technology, Inc. will post -5.07 earnings per share for the current year.
Micron Technology Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Monday, July 10th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Friday, July 7th. Micron Technology’s payout ratio is -17.16%.
Insider Buying and Selling
In related news, SVP Michael W. Bokan sold 45,456 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $70.87, for a total transaction of $3,221,466.72. Following the transaction, the senior vice president now owns 150,086 shares of the company’s stock, valued at approximately $10,636,594.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Micron Technology news, SVP Michael W. Bokan sold 45,456 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $70.87, for a total value of $3,221,466.72. Following the sale, the senior vice president now owns 150,086 shares of the company’s stock, valued at approximately $10,636,594.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $70.00, for a total value of $1,400,000.00. Following the completion of the sale, the executive vice president now directly owns 188,340 shares in the company, valued at approximately $13,183,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,810 shares of company stock valued at $9,855,860. Corporate insiders own 0.32% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. 25 LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at about $25,000. Barrett & Company Inc. purchased a new position in Micron Technology during the 1st quarter worth approximately $25,000. Fortis Capital Advisors LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $25,000. Elequin Securities LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $30,000. Finally, Cascade Investment Advisors Inc. purchased a new position in Micron Technology during the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 80.27% of the company’s stock.
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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are 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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