Micron Technology (NASDAQ:MU) Trading 3.1% Higher – Should You Buy?

Shares of Micron Technology, Inc. (NASDAQ:MU) shot up 3.1% during mid-day trading on Monday . The company traded as high as $105.88 and last traded at $105.75. 18,832,956 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 29,325,942 shares. The stock had previously closed at $102.60.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MU. Robert W. Baird lowered their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Piper Sandler lowered their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. TD Cowen lowered their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Wells Fargo & Company lowered their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus lowered their price objective on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Trading Up 3.4 %

The firm has a market cap of $121.87 billion, a P/E ratio of 31.52 and a beta of 1.18. 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 fifty day moving average of $97.82 and a 200-day moving average of $101.80.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.95) EPS. Equities research analysts forecast that Micron Technology, Inc. will post 6.25 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Micron Technology by 17.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,163 shares of the semiconductor manufacturer’s stock worth $547,000 after acquiring an additional 618 shares during the last quarter. AE Wealth Management LLC grew its holdings in shares of Micron Technology by 143.0% in the 2nd quarter. AE Wealth Management LLC now owns 12,636 shares of the semiconductor manufacturer’s stock worth $1,662,000 after acquiring an additional 7,435 shares during the last quarter. Gabelli Funds LLC grew its holdings in shares of Micron Technology by 1.8% in the 2nd quarter. Gabelli Funds LLC now owns 22,705 shares of the semiconductor manufacturer’s stock worth $2,986,000 after acquiring an additional 405 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Micron Technology by 45.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,512 shares of the semiconductor manufacturer’s stock worth $857,000 after acquiring an additional 2,027 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of Micron Technology by 73.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 42,583 shares of the semiconductor manufacturer’s stock worth $5,601,000 after acquiring an additional 17,997 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.