Micron Technology (NASDAQ:MU) Hits New 52-Week High - What's Next?

Key Points

• New 52-week high: Micron shares hit a new 52-week high Monday, with the stock trading near $570 and roughly 2.14 million shares changing hands.
• Analysts remain bullish—multiple firms have raised targets (Cantor Fitzgerald to $700; Deutsche Bank and Stifel to $550), and the consensus rating is Buy with a consensus price target of $478.24.
• Company fundamentals and actions: Micron raised its quarterly dividend to $0.15 (annualized $0.60, yield ~0.1%), has a market cap of about $653.8B and a P/E of 27.3, while insiders sold shares under pre-arranged 10b5-1 plans and institutions own roughly 80.8% of the stock.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $554.39 and last traded at $570.6010, with a volume of 2136134 shares traded. The stock had previously closed at $542.21.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Micron Technology from $500.00 to $550.00 and gave the company a "buy" rating in a research report on Thursday, March 19th. Piper Sandler raised their price target on shares of Micron Technology from $275.00 to $400.00 and gave the company an "overweight" rating in a research report on Wednesday, January 7th. Stifel Nicolaus lifted their target price on shares of Micron Technology from $360.00 to $550.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Weiss Ratings restated a "buy (b-)" rating on shares of Micron Technology in a research report on Thursday, January 29th. Finally, Cantor Fitzgerald lifted their target price on shares of Micron Technology from $450.00 to $700.00 and gave the stock an "overweight" rating in a research note on Thursday, March 19th. Five analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Micron Technology has a consensus rating of "Buy" and a consensus price target of $478.24.

Micron Technology Stock Performance

The firm's fifty day moving average price is $422.13 and its 200-day moving average price is $338.52. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. The firm has a market cap of $653.78 billion, a price-to-earnings ratio of 27.34 and a beta of 1.91.

Micron Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 30th were given a $0.15 dividend. This is a positive change from Micron Technology's previous quarterly dividend of $0.12. The ex-dividend date was Monday, March 30th. This represents a $0.60 annualized dividend and a yield of 0.1%. Micron Technology's payout ratio is currently 2.83%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 40,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total value of $13,895,600.00. Following the completion of the transaction, the executive vice president owned 125,737 shares in the company, valued at $43,679,776.43. This trade represents a 24.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sumit Sadana sold 24,000 shares of the stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the completion of the transaction, the executive vice president owned 224,021 shares of the company's stock, valued at $94,391,248.35. This represents a 9.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its stake in shares of Micron Technology by 18.3% during the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after purchasing an additional 976 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of Micron Technology by 21.7% during the second quarter. Sivia Capital Partners LLC now owns 3,528 shares of the semiconductor manufacturer's stock valued at $435,000 after purchasing an additional 628 shares during the period. United Bank purchased a new stake in shares of Micron Technology during the second quarter valued at approximately $236,000. Schnieders Capital Management LLC. raised its stake in shares of Micron Technology by 67.9% during the second quarter. Schnieders Capital Management LLC. now owns 16,984 shares of the semiconductor manufacturer's stock valued at $2,093,000 after purchasing an additional 6,867 shares during the period. Finally, Sei Investments Co. raised its stake in shares of Micron Technology by 5.6% during the second quarter. Sei Investments Co. now owns 405,545 shares of the semiconductor manufacturer's stock valued at $49,987,000 after purchasing an additional 21,619 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

About Micron Technology

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.