Micron Technology (NASDAQ:MU) Trading 3.8% Higher – Time to Buy?

by · The Cerbat Gem

Micron Technology, Inc. (NASDAQ:MU – Get Free Report)’s stock price shot up 3.8% on Monday . The stock traded as high as $103.62 and last traded at $103.47. 4,748,057 shares were traded during mid-day trading, a decline of 78% from the average session volume of 21,833,068 shares. The stock had previously closed at $99.73.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Stifel Nicolaus lowered their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a report on Thursday, September 26th. China Renaissance initiated coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Finally, Rosenblatt Securities raised their price objective on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $143.04.

Get Our Latest Report on Micron Technology

Micron Technology Trading Up 3.0 %

The firm’s 50-day simple moving average is $98.94 and its 200 day simple moving average is $113.18. The stock has a market cap of $113.91 billion, a P/E ratio of 150.93 and a beta of 1.18. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s quarterly revenue was up 93.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.21) earnings per share. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Highline Wealth Partners LLC purchased a new position in Micron Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the second quarter valued at approximately $28,000. Davis Capital Management purchased a new position in Micron Technology during the third quarter valued at approximately $30,000. Richard W. Paul & Associates LLC grew its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares in the last quarter. Finally, DT Investment Partners LLC grew its position in Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Company Profile

(Get Free Report)

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.

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