Micron Technology (NASDAQ:MU) Stock Price Up 5.9% – Still a Buy?

Shares of Micron Technology, Inc. (NASDAQ:MU) traded up 5.9% during mid-day trading on Tuesday . The stock traded as high as $105.05 and last traded at $105.39. 9,407,942 shares changed hands during trading, a decline of 59% from the average session volume of 22,819,910 shares. The stock had previously closed at $99.52.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research reports. Barclays dropped their price objective on Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, December 20th. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. China Renaissance initiated coverage on shares of Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Needham & Company LLC lowered their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Trading Down 1.0 %

The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $115.07 billion, a price-to-earnings ratio of 29.76 and a beta of 1.18. The company has a 50-day moving average price of $96.25 and a 200-day moving average price of $98.67.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the previous year, the business posted ($0.95) EPS. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. Research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is presently 13.26%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Highline Wealth Partners LLC acquired a new stake in Micron Technology in the 3rd quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the 4th quarter valued at about $26,000. Beacon Capital Management LLC boosted its stake in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after purchasing an additional 200 shares during the last quarter. True Wealth Design LLC grew its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares during the period. Finally, Midwest Capital Advisors LLC bought a new stake in shares of Micron Technology during the fourth quarter worth approximately $33,000. Institutional investors own 80.84% of the company’s stock.

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.