Micron Technology (NASDAQ:MU) Shares Up 1.2% - Still a Buy?

Key Points

• Micron Technology's stock increased by 1.2% to $113.30, experiencing a significant drop in trading volume, which was 81% lower than its average daily volume.
• Multiple analysts raised their price targets for Micron Technology, with estimates ranging from $140.00 to $165.00, while the consensus price target is set at $146.44.
• The company reported an earnings per share (EPS) of $1.91 for the recent quarter, surpassing expectations, along with a substantial revenue of $9.30 billion.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) rose 1.2% on Wednesday . The company traded as high as $114.89 and last traded at $113.30. Approximately 4,498,275 shares were traded during trading, a decline of 81% from the average daily volume of 23,176,705 shares. The stock had previously closed at $111.96.

Analysts Set New Price Targets

MU has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Cantor Fitzgerald boosted their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Citigroup upped their price target on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. TD Cowen raised their price objective on Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Barclays boosted their target price on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Up 1.5%

The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $113.47 and a 200-day moving average price of $97.72. The company has a market capitalization of $127.18 billion, a price-to-earnings ratio of 20.51 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period last year, the business earned $0.62 earnings per share. Research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. Micron Technology's dividend payout ratio is presently 8.29%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the sale, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 288,446 shares of company stock valued at $34,871,597 over the last ninety days. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC lifted its holdings in shares of Micron Technology by 43.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after purchasing an additional 4,264 shares in the last quarter. Landscape Capital Management L.L.C. lifted its stake in shares of Micron Technology by 167.0% in the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock valued at $3,851,000 after buying an additional 28,621 shares in the last quarter. Duquesne Family Office LLC bought a new position in shares of Micron Technology in the fourth quarter valued at $34,412,000. Janus Henderson Group PLC boosted its position in shares of Micron Technology by 74.6% during the fourth quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock valued at $222,779,000 after buying an additional 1,130,680 shares during the last quarter. Finally, Mission Wealth Management LP increased its stake in Micron Technology by 195.2% in the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock valued at $1,360,000 after buying an additional 10,348 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

About Micron Technology

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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