Micron Technology (NASDAQ:MU) Trading 2.3% Higher - Should You Buy?

Shares of Micron Technology, Inc. (NASDAQ:MU - Get Free Report) were up 2.3% on Tuesday . The company traded as high as $123.51 and last traded at $122.55. Approximately 8,694,727 shares changed hands during trading, a decline of 63% from the average daily volume of 23,662,292 shares. The stock had previously closed at $119.84.

Wall Street Analyst Weigh In

MU has been the topic of several recent analyst reports. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price on the stock. in a report on Wednesday, March 26th. Rosenblatt Securities decreased their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday. KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Finally, Robert W. Baird increased their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.00.

Micron Technology Price Performance

The business has a 50-day simple moving average of $89.28 and a 200 day simple moving average of $92.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm has a market cap of $134.44 billion, a P/E ratio of 34.68 and a beta of 1.28.

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

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now owns 24,954 shares in the company, valued at $1,996,320. The trade was a 8.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 3,938 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $110.88, for a total transaction of $436,645.44. Following the transaction, the chief executive officer now directly owns 387,175 shares of the company's stock, valued at approximately $42,929,964. This represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,904 shares of company stock worth $4,665,124 over the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently modified their holdings of MU. Vanguard Group Inc. grew its stake in Micron Technology by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. FMR LLC boosted its stake in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares during the last quarter. Capital World Investors raised its stake in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares during the period. Geode Capital Management LLC boosted its position in Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after acquiring an additional 726,282 shares during the last quarter. Finally, Norges Bank bought a new stake in Micron Technology during the fourth quarter worth about $1,470,875,000. 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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