Micron Technology (NASDAQ:MU) Stock Price Up 0.4% - Still a Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shot up 0.4% during trading on Tuesday . The company traded as high as $72.80 and last traded at $71.33. 5,630,292 shares changed hands during trading, a decline of 76% from the average session volume of 23,208,767 shares. The stock had previously closed at $71.02.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Mizuho reduced their price target on shares of Micron Technology from $135.00 to $115.00 and set an "outperform" rating for the company in a report on Thursday, December 19th. Rosenblatt Securities reduced their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Needham & Company LLC dropped their target price on Micron Technology from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. Bank of America downgraded Micron Technology from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Piper Sandler cut their price objective on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $129.36.

Micron Technology Price Performance

The company has a market capitalization of $76.89 billion, a P/E ratio of 19.83 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company's 50-day moving average price is $88.23 and its two-hundred day moving average price is $95.92.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business's revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.67%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company's stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Wealth Management LLC increased its stake in shares of Micron Technology by 12.8% in the first quarter. Cornerstone Wealth Management LLC now owns 5,171 shares of the semiconductor manufacturer's stock valued at $449,000 after buying an additional 586 shares during the period. Clarius Group LLC lifted its holdings in shares of Micron Technology by 57.9% during the first quarter. Clarius Group LLC now owns 14,238 shares of the semiconductor manufacturer's stock worth $1,237,000 after purchasing an additional 5,220 shares during the period. Bell Bank acquired a new stake in Micron Technology in the first quarter valued at $327,000. PKO Investment Management Joint Stock Co lifted its holdings in Micron Technology by 4.2% during the 1st quarter. PKO Investment Management Joint Stock Co now owns 75,000 shares of the semiconductor manufacturer's stock worth $6,517,000 after buying an additional 3,000 shares during the period. Finally, Insigneo Advisory Services LLC increased its stake in shares of Micron Technology by 42.2% in the first quarter. Insigneo Advisory Services LLC now owns 17,793 shares of the semiconductor manufacturer's stock valued at $1,546,000 after buying an additional 5,280 shares during the period. 80.84% of the stock is currently 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.