Micron Technology (NASDAQ:MU) Trading Up 3.9% - Still a Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares traded up 3.9% during mid-day trading on Tuesday . The stock traded as high as $69.24 and last traded at $69.33. 5,374,246 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 23,147,208 shares. The stock had previously closed at $66.74.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MU. Citigroup cut their price objective on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Royal Bank of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Wedbush reaffirmed an "outperform" rating and set a $125.00 price target on shares of Micron Technology in a research report on Monday, March 17th. UBS Group lifted their target price on shares of Micron Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Monday, March 17th. Finally, Wells Fargo & Company decreased their price target on shares of Micron Technology from $140.00 to $130.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $128.56.

Micron Technology Stock Up 3.0 %

The stock has a market cap of $89.16 billion, a price-to-earnings ratio of 22.99 and a beta of 1.18. The firm's 50-day moving average is $85.71 and its 200 day moving average is $94.94. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm's quarterly revenue was up 38.2% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology's dividend payout ratio is presently 11.03%.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, the director now owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at about $26,000. Beacon Capital Management LLC raised its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter worth approximately $33,000. Midwest Capital Advisors LLC acquired a new position in Micron Technology during the 4th quarter valued at approximately $33,000. Finally, Roxbury Financial LLC grew its stake in Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after buying an additional 300 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

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.