Micron Technology (NASDAQ:MU) Shares Up 3.8% – Time to Buy?

Shares of Micron Technology, Inc. (NASDAQ:MU) were up 3.8% during mid-day trading on Thursday . The company traded as high as $87.38 and last traded at $87.37. Approximately 6,898,802 shares changed hands during trading, a decline of 69% from the average daily volume of 21,944,355 shares. The stock had previously closed at $84.16.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MU shares. KeyCorp dropped their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a research note on Wednesday, December 18th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $110.00 in a report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price target on Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Piper Sandler dropped their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One research 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 company’s stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Stock Performance

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 firm has a market capitalization of $95.42 billion, a PE ratio of 125.94 and a beta of 1.16. The company’s fifty day moving average price is $99.81 and its two-hundred day moving average price is $105.82.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period last year, the company posted ($0.95) EPS. The business’s quarterly revenue was up 84.3% on a year-over-year basis. As a group, equities analysts expect 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 will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Highline Wealth Partners LLC acquired a new position in shares of Micron Technology during the third quarter worth approximately $26,000. Davis Capital Management bought a new position in shares of Micron Technology in the third quarter valued at approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Micron Technology during the second quarter valued at approximately $39,000. Cranbrook Wealth Management LLC bought a new stake in Micron Technology during the second quarter worth approximately $42,000. Finally, Stone House Investment Management LLC boosted its stake in Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other 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.