Micron Technology, Inc. (MU) Hits New 1-Year High on Earnings Beat

Shares of Micron Technology, Inc. (NASDAQ:MU) reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $28.76 and last traded at $28.72, with a volume of 70,410,642 shares. The stock had previously closed at $26.47.

The semiconductor manufacturer reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.06. Micron Technology had a positive return on equity of 0.81% and a negative net margin of 2.32%. The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the company posted $0.01 EPS. The firm’s quarterly revenue was up 58.4% compared to the same quarter last year.

MU has been the topic of several recent analyst reports. Robert W. Baird upped their target price on Micron Technology from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, March 24th. Wells Fargo & Co reiterated an “outperform” rating and set a $35.00 price target on shares of Micron Technology in a research note on Friday, March 24th. Vetr downgraded Micron Technology from a “strong-buy” rating to a “buy” rating and set a $28.55 price target on the stock. in a research note on Monday, March 13th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price target on shares of Micron Technology in a research note on Wednesday, January 11th. Finally, Zacks Investment Research upgraded Micron Technology from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $31.25.

In related news, VP Brian Shirley sold 27,250 shares of the stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $23.12, for a total value of $630,020.00. Following the completion of the transaction, the vice president now directly owns 340,542 shares in the company, valued at $7,873,331.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott J. Deboer sold 51,500 shares of the stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $28.80, for a total value of $1,483,200.00. Following the completion of the transaction, the vice president now owns 221,732 shares of the company’s stock, valued at $6,385,881.60. The disclosure for this sale can be found here. Insiders sold 354,388 shares of company stock valued at $9,500,740 over the last quarter. 0.69% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in Micron Technology by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,888,475 shares of the semiconductor manufacturer’s stock valued at $304,475,000 after buying an additional 105,111 shares in the last quarter. Winslow Capital Management LLC purchased a new position in Micron Technology during the third quarter valued at approximately $200,253,000. Norges Bank purchased a new position in Micron Technology during the fourth quarter valued at approximately $217,749,000. Arrowstreet Capital Limited Partnership raised its position in Micron Technology by 2,047.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,798,500 shares of the semiconductor manufacturer’s stock valued at $149,023,000 after buying an additional 6,481,879 shares in the last quarter. Finally, Teachers Advisors LLC raised its position in Micron Technology by 22.0% in the fourth quarter. Teachers Advisors LLC now owns 4,712,736 shares of the semiconductor manufacturer’s stock valued at $103,303,000 after buying an additional 849,803 shares in the last quarter. Institutional investors and hedge funds own 81.43% of the company’s stock.

The company has a 50-day moving average of $26.96 and a 200-day moving average of $22.16. The stock has a market capitalization of $30.93 billion, a price-to-earnings ratio of 43.55 and a beta of 1.93.

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