Micron Technology (NASDAQ:MU) Stock Price Up 3.3% – Still a Buy?

Micron Technology, Inc. (NASDAQ:MU)’s share price traded up 3.3% on Monday . The company traded as high as $106.40 and last traded at $106.05. 5,429,510 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 21,438,520 shares. The stock had previously closed at $102.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wedbush reissued an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research report on Thursday, September 26th. KeyCorp decreased their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Raymond James raised their price target on shares of Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Wells Fargo & Company reduced their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Down 3.5 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The stock has a market capitalization of $108.88 billion, a price-to-earnings ratio of 144.41 and a beta of 1.18. The firm’s fifty day moving average is $103.28 and its 200-day moving average is $111.80.

Micron Technology (NASDAQ:MU) last issued 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. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.21) EPS. On average, sell-side analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current year.

Micron Technology Announces Dividend

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

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently made changes to their positions in MU. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology in the 2nd quarter worth about $28,000. Highline Wealth Partners LLC bought a new position in Micron Technology in the 3rd quarter worth about $26,000. Richard W. Paul & Associates LLC increased its stake in shares of Micron Technology by 128.6% in 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 during the period. LRI Investments LLC raised its holdings in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares during the last quarter. Finally, Davis Capital Management acquired a new position in shares of Micron Technology during the third quarter worth approximately $30,000. 80.84% of the stock is owned by institutional investors.

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.