Micron Technology (NASDAQ:MU) Shares Up 0.7% – Still a Buy?

Micron Technology, Inc. (NASDAQ:MU) rose 0.7% on Tuesday . The stock traded as high as $110.49 and last traded at $108.97. Approximately 10,771,448 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 21,341,006 shares. The stock had previously closed at $108.26.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wells Fargo & Company decreased their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday. Raymond James increased their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. TD Cowen reduced their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday. Stifel Nicolaus lowered their target price on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday. Finally, Sanford C. Bernstein cut their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $133.56.

Micron Technology Price Performance

The business’s 50 day moving average is $103.85 and its two-hundred day moving average is $109.09. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The firm has a market capitalization of $97.02 billion, a PE ratio of 128.08 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last announced its quarterly 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 company had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.95) earnings per share. Equities research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated 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 owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of the stock. Harmony Asset Management LLC raised its position in shares of Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock valued at $1,233,000 after buying an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. increased its stake in Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after acquiring an additional 29,000 shares during the last quarter. Chartwell Investment Partners LLC raised its position in Micron Technology by 26.4% during the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after purchasing an additional 40,802 shares in the last quarter. State Street Corp raised its position in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares in the last quarter. Finally, Global X Japan Co. Ltd. lifted its stake in Micron Technology by 23.1% during the third quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after purchasing an additional 9,735 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

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.