Micron Technology (NASDAQ:MU) Trading Up 0.3% – Time to Buy?

Micron Technology, Inc. (NASDAQ:MU)’s stock price was up 0.3% during trading on Monday . The company traded as high as $102.19 and last traded at $101.17. Approximately 12,381,020 shares traded hands during trading, a decline of 22% from the average daily volume of 15,832,277 shares. The stock had previously closed at $100.87.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price objective on shares of Micron Technology in a report on Tuesday, October 1st. Robert W. Baird dropped their target price on Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, September 27th. KeyCorp cut their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Finally, China Renaissance started coverage on Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Stock Performance

The stock has a market cap of $109.29 billion, a price-to-earnings ratio of 144.27 and a beta of 1.16. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $103.64 and a 200-day simple moving average of $110.23.

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

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’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 sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently modified their holdings of the stock. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the second quarter worth $28,000. Davis Capital Management bought a new position in shares of Micron Technology during the third quarter worth $30,000. True Wealth Design LLC grew its holdings in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the period. Finally, Richard W. Paul & Associates LLC increased its position in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 144 shares in the last quarter. 80.84% of the stock is currently 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.