Micron Technology (NASDAQ:MU) Trading Up 3% - What to Expect?

Micron Technology, Inc. (NASDAQ:MU) saw its share price increase by 3% during mid-day trading on Tuesday. The stock reached a high of $103.68 before closing at $101.50. During the trading session, approximately 10.9 million shares were exchanged, which reflects a significant drop of 49% in volume compared to the average daily volume of 21.4 million shares. Prior to this trading day, the stock closed at $98.55.

Market Analysts Share Their Thoughts

Recently, several equities research analysts provided their insights on Micron Technology. UBS Group adjusted their price target for Micron from $153.00 to $135.00 while maintaining a "buy" rating for the stock. This change was noted in a report released on September 17th. Another firm, Wedbush, reaffirmed an "outperform" rating and set a target price of $140.00 in a report dated September 26th. Additionally, Cantor Fitzgerald also maintained an "overweight" rating with a price target of $150.00 as of October 1st. On September 18th, Wells Fargo lowered their price target from $190.00 to $175.00, while still rating the stock as "overweight." Finally, Needham & Company reaffirmed a "buy" rating with a target price of $140.00 on September 26th. In total, there has been one sell rating, two hold ratings, and twenty-six buy ratings for Micron Technology. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" with a target price estimate of $143.04.

Micron Technology Stock Performance Overview

As of the latest data, the company's fifty-day simple moving average stands at $103.60, while the two-hundred-day simple moving average is $111.32. In terms of liquidity, Micron has a current ratio of 2.64, a quick ratio of 1.68, and a debt-to-equity ratio of 0.29. The market capitalization of Micron is approximately $112.27 billion, with a price-to-earnings (P/E) ratio of 149.27 and a beta of 1.16.

Micron Technology recently announced its earnings results on September 25th. The semiconductor manufacturer reported earnings per share (EPS) of $1.18 for the quarter, outperforming analysts' predictions of $0.97 by $0.21. The company's revenue for the quarter was $7.75 billion, exceeding estimates of $7.65 billion. Year-over-year, revenue surged by 93.3%, recovering from a loss of $1.21 EPS during the same time last year. Analysts project that Micron will achieve an EPS of 8.31 for the current year.

Quarterly Dividend Announcement

Recently, Micron Technology declared a quarterly dividend, which was distributed on October 23rd. Shareholders who were on record as of October 7th received a dividend of $0.115. The ex-dividend date for this payment was also October 7th. This translates to an annualized dividend of $0.46, reflecting a dividend yield of 0.46%. The company's payout ratio currently stands at 67.65%.

Insider Activity

In related developments, Executive Vice President April S. Arnzen sold 4,890 shares on September 26th, at an average price of $113.00. The total value of this transaction was approximately $552,570. After this sale, Arnzen retained ownership of 135,830 shares, with a total value estimated at around $15.35 million. This sale represents a 3.47% decrease in their holdings. This transaction has been officially disclosed in an SEC filing.

Institutional Transactions

Several institutional investors and hedge funds have recently participated in buying and selling shares of Micron Technology. For instance, Hobbs Group Advisors LLC acquired a new stake in the company during the second quarter worth approximately $28,000. Highline Wealth Partners LLC also bought shares during the third quarter valued at about $26,000. Additionally, Richard W. Paul & Associates LLC increased their stake in Micron Technology by 128.6% in the second quarter and now holds 256 shares valued at $34,000. LRI Investments LLC also boosted its investment in the company significantly. Currently, around 80.84% of Micron's shares are owned by hedge funds and institutional investors.

Micron Technology Company Overview

Micron Technology, Inc. is involved in designing, developing, manufacturing, and selling memory and storage products globally. The company operates across four main segments: the Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It supplies various memory and storage technologies, including dynamic random access memory (DRAM) chips and non-volatile memory solutions under the Micron and Crucial brands, alongside private labels.

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