Micron Technology (NASDAQ:MU) Shares Up 2% After Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MUGet Free Report) shot up 2% on Tuesday 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 $135.21 and last traded at $133.35. 9,058,302 shares were traded during trading, a decline of 56% from the average session volume of 20,703,102 shares. The stock had previously closed at $130.69.

A number of other equities research analysts have also recently commented on the stock. Piper Sandler raised their target price on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Wells Fargo & Company raised their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Citigroup upped their target price on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Barclays raised their price target on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Finally, Needham & Company LLC increased their price objective on shares of Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $158.72.

Read Our Latest Analysis on MU

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $86,789,214.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares in the company, valued at $30,981,985.89. The disclosure for this sale can be found here. Insiders sold a total of 250,730 shares of company stock valued at $31,063,449 in the last three months. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. DecisionPoint Financial LLC acquired a new position in Micron Technology during the first quarter valued at approximately $25,000. Valued Wealth Advisors LLC lifted its stake in shares of Micron Technology by 230.7% during the first 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 in the fourth quarter worth about $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. Finally, Riverview Trust Co purchased a new stake in shares of Micron Technology during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Up 4.0 %

The stock has a market capitalization of $151.23 billion, a price-to-earnings ratio of -96.05 and a beta of 1.18. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average of $131.48 and a 200 day moving average of $109.14.

Micron Technology (NASDAQ:MUGet Free Report) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.57) earnings per share. On average, sell-side analysts anticipate that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

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

About Micron Technology

(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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