Micron Technology (NASDAQ:MU) Stock Price Up 1% - Time to Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shot up 1% during mid-day trading on Wednesday . The company traded as high as $122.56 and last traded at $121.59. 5,388,111 shares traded hands during trading, a decline of 77% from the average session volume of 23,634,617 shares. The stock had previously closed at $120.34.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MU. Wells Fargo & Company restated an "equal weight" rating on shares of Micron Technology in a research report on Monday, April 28th. Morgan Stanley dropped their price objective on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Robert W. Baird increased their target price on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. Barclays dropped their price target on Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and a consensus target price of $129.00.

Micron Technology Stock Up 0.9%

The company has a market cap of $135.71 billion, a P/E ratio of 29.26 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The company has a 50 day moving average of $90.13 and a 200-day moving average of $92.87.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The business had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter in the previous year, the company earned $0.42 EPS. The business's quarterly revenue was up 38.2% compared to the same quarter last year. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's payout ratio is 11.03%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. The trade was a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares of the company's stock, valued at approximately $20,498,830. This represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,904 shares of company stock valued at $4,665,124 over the last ninety days. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in Micron Technology by 18.3% in the fourth 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. Bank Pictet & Cie Europe AG lifted its holdings in shares of Micron Technology by 19.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock valued at $7,214,000 after buying an additional 13,985 shares during the period. Allworth Financial LP boosted its stake in shares of Micron Technology by 28.5% in the 4th quarter. Allworth Financial LP now owns 8,717 shares of the semiconductor manufacturer's stock worth $734,000 after buying an additional 1,933 shares during the last quarter. Csenge Advisory Group boosted its stake in shares of Micron Technology by 56.4% in the 4th quarter. Csenge Advisory Group now owns 5,500 shares of the semiconductor manufacturer's stock worth $463,000 after buying an additional 1,983 shares during the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in shares of Micron Technology by 1.9% in the fourth quarter. J.W. Cole Advisors Inc. now owns 17,533 shares of the semiconductor manufacturer's stock worth $1,476,000 after acquiring an additional 329 shares during the period. 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.

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