Micron Technology (NASDAQ:MU) Trading Up 8.9% - Time to Buy?

Key Points

• Micron Technology's stock price surged by 8.9%, reaching a high of $182.39 during trading, significantly breaking away from its previous close of $167.32.
• Multiple analysts have raised their price targets for Micron, with estimates ranging from $180.00 to $200.00, reflecting strong optimism about the company’s growth prospects.
• The company announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, with an annualized dividend yield of 0.3%.

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price was up 8.9% on Wednesday . The company traded as high as $182.39 and last traded at $182.15. Approximately 41,482,343 shares were traded during trading, an increase of 78% from the average daily volume of 23,259,059 shares. The stock had previously closed at $167.32.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MU shares. Raymond James Financial lifted their price target on shares of Micron Technology from $150.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft lifted their target price on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Bank of America upped their price target on Micron Technology from $140.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 24th. Robert W. Baird boosted their target price on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Finally, Wall Street Zen upgraded shares of Micron Technology from a "buy" rating to a "strong-buy" rating in a report on Friday, September 26th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Micron Technology has an average rating of "Buy" and an average target price of $184.77.

Micron Technology Stock Performance

The stock has a 50-day moving average price of $130.47 and a 200-day moving average price of $109.05. The firm has a market capitalization of $203.85 billion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 0.36 and a beta of 1.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is presently 6.06%.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $162.20, for a total value of $2,238,035.60. Following the completion of the transaction, the chief executive officer directly owned 325,148 shares in the company, valued at $52,739,005.60. The trade was a 4.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard M. Beyer sold 5,552 shares of the stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $155.68, for a total transaction of $864,335.36. Following the completion of the sale, the director directly owned 96,031 shares in the company, valued at approximately $14,950,106.08. This trade represents a 5.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 79,456 shares of company stock valued at $10,524,945 over the last 90 days. Insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cullen Capital Management LLC grew its position in Micron Technology by 7.3% in the 2nd quarter. Cullen Capital Management LLC now owns 14,180 shares of the semiconductor manufacturer's stock valued at $1,748,000 after buying an additional 965 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Micron Technology by 64.3% in the second quarter. Corient Private Wealth LLC now owns 485,961 shares of the semiconductor manufacturer's stock valued at $59,895,000 after acquiring an additional 190,122 shares in the last quarter. National Wealth Management Group LLC bought a new position in shares of Micron Technology in the second quarter valued at approximately $697,000. RS Crum Inc. acquired a new position in shares of Micron Technology during the second quarter valued at approximately $246,000. Finally, Caldwell Trust Co acquired a new stake in Micron Technology in the second quarter worth approximately $43,000. 80.84% of the stock is currently 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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