Micron Technology (NASDAQ:MU) Trading 2.3% Higher - Still a Buy?

Key Points

• Micron Technology's share price rose by 2.3% to $107.34, while trading volume was significantly lower, at 4.58 million shares, a drop of 80% compared to its average.
• A number of analysts upgraded their price targets for Micron, with Susquehanna raising theirs to $160 and Rosenblatt Securities setting it at $200, reflecting strong confidence in the company's performance.
• The company reported a quarterly EPS of $1.91, surpassing estimates by $0.34, and had a revenue of $9.30 billion, also exceeding expectations.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price traded up 2.3% during trading on Monday . The stock traded as high as $107.45 and last traded at $107.34. 4,583,434 shares were traded during trading, a decline of 80% from the average session volume of 23,182,670 shares. The stock had previously closed at $104.88.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Susquehanna raised their price target on Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. Rosenblatt Securities raised their price target on Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Wedbush raised their price target on Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Stifel Nicolaus lifted their price objective on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Wells Fargo & Company lifted their price objective on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Price Performance

The stock has a market capitalization of $120.09 billion, a PE ratio of 19.34 and a beta of 1.37. The stock's 50 day moving average is $114.36 and its two-hundred day moving average is $97.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Insider Transactions at Micron Technology

In related news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the sale, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. This trade represents a 31.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at $28,864,415.52. This represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock worth $34,679,277 in the last three months. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MU. Brighton Jones LLC increased its stake in Micron Technology by 18.3% in the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock valued at $532,000 after purchasing an additional 976 shares during the period. Bank Pictet & Cie Europe AG increased its stake in shares of Micron Technology by 19.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock worth $7,214,000 after acquiring an additional 13,985 shares during the period. World Investment Advisors increased its stake in shares of Micron Technology by 119.3% during the fourth quarter. World Investment Advisors now owns 7,269 shares of the semiconductor manufacturer's stock worth $612,000 after acquiring an additional 3,954 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of Micron Technology during the fourth quarter worth about $26,898,000. Finally, Cullen Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $1,078,000. 80.84% of the stock is owned by hedge funds and other 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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