Micron Technology (NASDAQ:MU) Announces Quarterly Earnings Results

Micron Technology (NASDAQ:MU) released its quarterly earnings data on Wednesday. The semiconductor manufacturer reported $4.78 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $1.01, FiscalAI reports. The firm had revenue of $13.64 billion for the quarter, compared to analyst estimates of $12.62 billion. Micron Technology had a net margin of 22.84% and a return on equity of 17.21%.

Micron Technology Stock Down 2.9%

Shares of MU traded down $6.80 during mid-day trading on Wednesday, reaching $225.71. The company had a trading volume of 31,999,306 shares, compared to its average volume of 23,562,834. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The company has a market capitalization of $253.73 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 0.38 and a beta of 1.54. The firm has a 50-day moving average price of $224.96 and a 200 day moving average price of $162.38. Micron Technology has a 52 week low of $61.54 and a 52 week high of $264.75.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd were issued a $0.115 dividend. The ex-dividend date was Friday, October 3rd. This represents a $0.46 annualized dividend and a yield of 0.2%. Micron Technology’s dividend payout ratio (DPR) is 6.06%.

Insider Buying and Selling at Micron Technology

In other news, CAO Scott R. Allen sold 8,800 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $210.02, for a total value of $1,848,176.00. Following the transaction, the chief accounting officer directly owned 40,237 shares in the company, valued at $8,450,574.74. The trade was a 17.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 3,743 shares of Micron Technology stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $233.39, for a total value of $873,578.77. Following the completion of the sale, the chief executive officer directly owned 396,578 shares in the company, valued at approximately $92,557,339.42. The trade was a 0.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 384,852 shares of company stock valued at $81,806,895 in the last ninety days. Corporate insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Large investors have recently made changes to their positions in the stock. WealthCollab LLC raised its position in shares of Micron Technology by 4,500.0% in the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 270 shares during the last quarter. Osterweis Capital Management Inc. lifted its stake in Micron Technology by 205.5% in the third quarter. Osterweis Capital Management Inc. now owns 223 shares of the semiconductor manufacturer’s stock valued at $37,000 after buying an additional 150 shares during the last quarter. Strive Asset Management LLC acquired a new stake in Micron Technology in the 3rd quarter valued at approximately $39,000. Johnson Financial Group Inc. raised its holdings in Micron Technology by 57.0% during the third quarter. Johnson Financial Group Inc. now owns 1,011 shares of the semiconductor manufacturer’s stock worth $169,000 after purchasing an additional 367 shares in the last quarter. Finally, Adalta Capital Management LLC acquired a new position in shares of Micron Technology in the 3rd quarter worth approximately $176,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Needham & Company LLC raised their price objective on shares of Micron Technology from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler upped their price objective on Micron Technology from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. Cantor Fitzgerald upped their price target on Micron Technology from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Wednesday, September 24th. Summit Insights upgraded shares of Micron Technology to a “strong-buy” rating in a research report on Tuesday, September 23rd. Finally, KGI Securities upgraded shares of Micron Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 24th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Buy” and a consensus price target of $242.79.

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.