Micron Technology (NASDAQ:MU) Trading 3.9% Higher – Still a Buy?

Micron Technology, Inc. (NASDAQ:MU) shares shot up 3.9% on Wednesday . The company traded as high as $108.99 and last traded at $108.36. 7,505,022 shares were traded during trading, a decline of 66% from the average session volume of 22,216,742 shares. The stock had previously closed at $104.32.

Analyst Ratings Changes

A number of research analysts have commented on MU shares. Citigroup cut their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Wedbush reaffirmed an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Robert W. Baird lowered their price target on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, September 27th. JPMorgan Chase & Co. lifted their price objective on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their target price for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.85.

Micron Technology Trading Down 1.0 %

The company has a market capitalization of $123.05 billion, a P/E ratio of -79.08 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The business’s 50-day moving average price is $98.28 and its two-hundred day moving average price is $114.63.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the firm posted ($1.21) earnings per share. Micron Technology’s revenue was up 93.3% compared to the same quarter last year. As a group, analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is currently -32.39%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MU. Atria Investments Inc grew its stake in Micron Technology by 0.3% in the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC increased its stake in shares of Micron Technology by 39.8% during the second quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after purchasing an additional 94 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the last quarter. Ameritas Advisory Services LLC boosted its stake in Micron Technology by 1.3% in the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after purchasing an additional 98 shares during the period. Finally, LRI Investments LLC grew its holdings in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 99 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.