Micron Technology (NASDAQ:MU) Shares Up 2.1% Following Dividend Announcement

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 2.1% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $98.42 and last traded at $96.67. Approximately 12,123,322 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 22,466,174 shares. The stock had previously closed at $94.72.

The newly announced dividend which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.48%. The ex-dividend date is Monday, March 31st. Micron Technology’s dividend payout ratio is currently 11.03%.

Analyst Upgrades and Downgrades

MU has been the subject of several recent research reports. TD Cowen decreased their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Morgan Stanley lifted their price objective on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday. Robert W. Baird lifted their price objective on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. Finally, KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company has a 50 day moving average price of $96.82 and a 200 day moving average price of $98.34. The firm has a market cap of $107.71 billion, a PE ratio of 27.86 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the prior year, the business earned $0.42 earnings per share. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Insider Transactions at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Sunbeam Capital Management LLC purchased a new position in shares of Micron Technology in the fourth quarter valued at $26,000. Stone House Investment Management LLC increased its position in shares of Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 277 shares in the last quarter. True Wealth Design LLC increased its position in shares of Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares in the last quarter. Beacon Capital Management LLC increased its position in shares of Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares in the last quarter. Finally, Midwest Capital Advisors LLC purchased a new position in shares of Micron Technology in the fourth quarter valued at $33,000. 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.