Micron Technology (NASDAQ:MU) Hits New 1-Year High - Should You Buy?

Key Points

• Micron Technology's shares reached a new 52-week high of $176.98, demonstrating strong market activity with over 11 million shares traded.
• Investment analysts have raised their price targets for Micron, with estimates ranging from $160 to $220, reflecting an overall strong buy sentiment among analysts.
• The company announced a quarterly dividend of $0.115 per share, with an annual yield of 0.3%, indicating ongoing shareholder returns amidst a strong stock performance.

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $176.64 and last traded at $176.98, with a volume of 11433381 shares traded. The stock had previously closed at $167.32.

Wall Street Analyst Weigh In

MU has been the topic of several research analyst reports. Morgan Stanley boosted their target price on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "equal weight" rating in a report on Monday, September 22nd. Wedbush boosted their target price on shares of Micron Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, September 24th. Barclays boosted their target price on shares of Micron Technology from $140.00 to $175.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. JPMorgan Chase & Co. upped their price target on shares of Micron Technology from $185.00 to $220.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Finally, KeyCorp upped their price target on shares of Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $184.77.

Micron Technology Trading Up 7.8%

The stock's fifty day moving average price is $130.47 and its 200 day moving average price is $109.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. The stock has a market capitalization of $201.78 billion, a P/E ratio of 23.73, a PEG ratio of 0.36 and a beta of 1.47.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, October 3rd. Micron Technology's dividend payout ratio is presently 6.06%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 13,798 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the transaction, the chief executive officer directly owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the transaction, the director owned 20,146 shares in the company, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 79,456 shares of company stock valued at $10,524,945 in the last 90 days. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. First Command Advisory Services Inc. lifted its position in shares of Micron Technology by 225.0% during the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after buying an additional 153 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in shares of Micron Technology during the second quarter valued at about $30,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology during the first quarter valued at about $33,000. AlphaQuest LLC lifted its position in shares of Micron Technology by 13,250.0% during the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after buying an additional 265 shares during the last quarter. Finally, WealthCollab LLC lifted its position in shares of Micron Technology by 4,500.0% during the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after buying an additional 270 shares during the last quarter. 80.84% of the stock is currently 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.

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