Micron Technology (NASDAQ:MU) Trading Up 6.5% – Here’s What Happened

Shares of Micron Technology, Inc. (NASDAQ:MU) rose 6.5% during mid-day trading on Monday . The stock traded as high as $818.67 and last traded at $795.33. Approximately 70,231,290 shares were traded during mid-day trading, an increase of 69% from the average daily volume of 41,630,898 shares. The stock had previously closed at $746.81.

Key Headlines Impacting Micron Technology

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Analysts and market commentators say Micron is benefiting from surging demand for HBM, DRAM and AI infrastructure memory, with supply still tight. BofA Sees More Room for Micron’s AI Rally
• Positive Sentiment: Micron is being highlighted as a direct AI winner, with articles arguing the company is still early in the AI cycle rather than near the top of it. Why Daniel Newman Thinks Micron Technology Proves We Are Still In AI ‘Parking Lot’— It Is ‘Not Late’ To Get In
• Positive Sentiment: Fresh product momentum also supports the bull case, including sampling of a faster 256GB DDR5 server module for AI and data-center workloads. Micron Redefines AI Performance With Sampling of 256GB DDR5 Server Module
• Neutral Sentiment: Some investors are also watching Micron’s sharp run and warning that the stock may be extended after a huge rally, which could mean near-term volatility even if the long-term story remains strong. Micron Investors Face a High-Stakes Moment After the Latest Rally
• Negative Sentiment: A broader chip-sector pullback and profit-taking briefly weighed on MU earlier in the week as traders worried the memory-supercycle trade had run too far, too fast. Why Sandisk, Micron stock are plunging upto 9% on Tuesday

Wall Street Analysts Forecast Growth

MU has been the topic of several research analyst reports. William Blair initiated coverage on Micron Technology in a report on Thursday, January 22nd. They issued an “outperform” rating on the stock. Sanford C. Bernstein boosted their price objective on Micron Technology from $330.00 to $510.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Deutsche Bank Aktiengesellschaft boosted their price objective on Micron Technology from $500.00 to $550.00 and gave the company a “buy” rating in a report on Thursday, March 19th. DA Davidson initiated coverage on Micron Technology in a report on Monday. They issued a “buy” rating and a $1,000.00 price objective on the stock. Finally, Cantor Fitzgerald boosted their price objective on Micron Technology from $450.00 to $700.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. Five research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $495.63.

Micron Technology Trading Up 4.8%

The company has a fifty day simple moving average of $464.69 and a two-hundred day simple moving average of $364.25. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. The company has a market cap of $906.28 billion, a PE ratio of 37.94 and a beta of 1.91.

Micron Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 30th were issued a dividend of $0.15 per share. This is a positive change from Micron Technology’s previous quarterly dividend of $0.12. The ex-dividend date was Monday, March 30th. This represents a $0.60 annualized dividend and a yield of 0.1%. Micron Technology’s dividend payout ratio (DPR) is currently 2.83%.

Insider Buying and Selling

In other Micron Technology news, EVP Sumit Sadana sold 24,000 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the sale, the executive vice president owned 224,021 shares in the company, valued at $94,391,248.35. This represents a 9.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP April S. Arnzen sold 40,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $347.39, for a total value of $13,895,600.00. Following the sale, the executive vice president owned 125,737 shares in the company, valued at approximately $43,679,776.43. This trade represents a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 106,000 shares of company stock worth $47,032,460 in the last quarter. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Micron Technology by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer’s stock valued at $30,427,016,000 after acquiring an additional 1,954,644 shares during the last quarter. State Street Corp lifted its position in Micron Technology by 2.1% during the 4th quarter. State Street Corp now owns 52,749,817 shares of the semiconductor manufacturer’s stock worth $15,061,310,000 after acquiring an additional 1,090,644 shares during the period. Capital International Investors lifted its position in Micron Technology by 0.7% during the 3rd quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer’s stock worth $3,910,198,000 after acquiring an additional 155,860 shares during the period. Norges Bank acquired a new stake in Micron Technology during the 4th quarter worth approximately $6,433,456,000. Finally, Morgan Stanley lifted its position in Micron Technology by 5.1% during the 4th quarter. Morgan Stanley now owns 16,396,655 shares of the semiconductor manufacturer’s stock worth $4,679,771,000 after acquiring an additional 794,289 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.