Micron Technology (NASDAQ:MU) Shares Up 3.6% – Time to Buy?

Micron Technology, Inc. (NASDAQ:MU) traded up 3.6% during trading on Wednesday . The company traded as high as $109.39 and last traded at $109.29. 5,606,977 shares changed hands during trading, a decline of 74% from the average session volume of 21,765,701 shares. The stock had previously closed at $105.49.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MU. Wells Fargo & Company decreased their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. KeyCorp decreased their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research note on Tuesday, October 1st. Bank of America lifted their price target on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, TD Cowen increased their price target on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Trading Up 6.0 %

The company has a market capitalization of $123.99 billion, a PE ratio of 164.46 and a beta of 1.18. The company has a fifty day simple moving average of $99.49 and a 200-day simple moving average of $113.09. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. Micron Technology’s quarterly revenue was up 93.3% on a year-over-year basis. Analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently made changes to their positions in MU. Norden Group LLC boosted its holdings in Micron Technology by 43.4% during the 1st quarter. Norden Group LLC now owns 3,564 shares of the semiconductor manufacturer’s stock valued at $420,000 after acquiring an additional 1,078 shares during the period. Signaturefd LLC grew its holdings in shares of Micron Technology by 0.7% in the first quarter. Signaturefd LLC now owns 22,202 shares of the semiconductor manufacturer’s stock valued at $2,617,000 after purchasing an additional 163 shares in the last quarter. Csenge Advisory Group purchased a new stake in Micron Technology during the 1st quarter worth approximately $243,000. DAVENPORT & Co LLC lifted its holdings in Micron Technology by 1,056.6% during the 1st quarter. DAVENPORT & Co LLC now owns 244,289 shares of the semiconductor manufacturer’s stock worth $28,799,000 after buying an additional 223,167 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its position in Micron Technology by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 228,188 shares of the semiconductor manufacturer’s stock valued at $26,901,000 after buying an additional 1,478 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.