Micron Technology (NASDAQ:MU) Sees Large Volume Increase – Here’s What Happened

Micron Technology, Inc. (NASDAQ:MU) saw unusually-high trading volume on Tuesday . Approximately 11,453,681 shares were traded during trading, a decline of 48% from the previous session’s volume of 22,205,254 shares.The stock last traded at $106.38 and had previously closed at $99.26.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Robert W. Baird cut their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Needham & Company LLC reduced their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler lowered their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price objective on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.24.

Micron Technology Price Performance

The stock has a market cap of $114.72 billion, a PE ratio of 151.41 and a beta of 1.18. The firm’s 50-day moving average price is $98.91 and its two-hundred day moving average price is $104.29. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the prior year, the business posted ($0.95) EPS. The firm’s quarterly revenue was up 84.3% on a year-over-year basis. On average, equities analysts expect that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds have recently modified their holdings of MU. Stonebrook Private Inc. increased its holdings in Micron Technology by 4.2% in the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after buying an additional 98 shares in the last quarter. John G Ullman & Associates Inc. grew its position in shares of Micron Technology by 2.5% during the 3rd quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after acquiring an additional 100 shares during the period. Trust Co. of Vermont increased its stake in shares of Micron Technology by 14.3% in the 3rd quarter. Trust Co. of Vermont now owns 821 shares of the semiconductor manufacturer’s stock valued at $85,000 after purchasing an additional 103 shares in the last quarter. PDS Planning Inc raised its holdings in Micron Technology by 2.4% in the 3rd quarter. PDS Planning Inc now owns 4,382 shares of the semiconductor manufacturer’s stock worth $454,000 after purchasing an additional 104 shares during the period. Finally, Legacy Financial Advisors Inc. boosted its position in Micron Technology by 5.3% during the second quarter. Legacy Financial Advisors Inc. now owns 2,357 shares of the semiconductor manufacturer’s stock worth $310,000 after purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 80.84% 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 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.