Micron Technology (NASDAQ:MU) Stock Price Up 1.1% – Should You Buy?

Micron Technology, Inc. (NASDAQ:MU)’s share price rose 1.1% during trading on Thursday . The company traded as high as $102.29 and last traded at $101.00. Approximately 5,017,911 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 21,632,182 shares. The stock had previously closed at $99.92.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MU shares. Bank of America raised their target price on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Citigroup cut their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. TD Cowen raised their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. China Renaissance initiated coverage on shares of Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. Finally, KeyCorp decreased their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Price Performance

The stock has a market capitalization of $110.05 billion, a P/E ratio of 148.53 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The stock has a 50-day simple moving average of $100.93 and a 200 day simple moving average of $112.94.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the company posted ($1.21) EPS. The company’s revenue was up 93.3% compared to the same quarter last year. On average, equities analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders 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 annualized dividend and a dividend yield of 0.46%. Micron Technology’s payout ratio is currently 67.65%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MU. Highline Wealth Partners LLC bought a new stake in Micron Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in Micron Technology during the second quarter valued at approximately $28,000. Davis Capital Management bought a new position in Micron Technology in the third quarter valued at approximately $30,000. Richard W. Paul & Associates LLC increased its position in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC raised its stake in shares of Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.