Micron Technology (NASDAQ:MU) Stock Price Up 0.7% - Time to Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price rose 0.7% during trading on Wednesday . The stock traded as high as $92.75 and last traded at $91.82. Approximately 3,099,223 shares were traded during trading, a decline of 86% from the average daily volume of 22,063,305 shares. The stock had previously closed at $91.20.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent research reports. Stifel Nicolaus cut their target price on shares of Micron Technology from $135.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. TD Cowen cut their target price on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. Wedbush reiterated an "outperform" rating and set a $140.00 target price on shares of Micron Technology in a research report on Tuesday, December 17th. Wells Fargo & Company cut their target price on shares of Micron Technology from $175.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Finally, Sanford C. Bernstein cut their target price on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $134.96.

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Micron Technology Stock Up 4.1 %

The firm's 50 day moving average price is $95.99 and its two-hundred day moving average price is $98.36. The company has a market cap of $103.57 billion, a P/E ratio of 26.79 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology's quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.95) EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.49%. Micron Technology's dividend payout ratio (DPR) is presently 13.26%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Sunbeam Capital Management LLC purchased a new position in shares of Micron Technology in the 4th quarter worth about $26,000. Stone House Investment Management LLC boosted its holdings in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 277 shares during the last quarter. True Wealth Design LLC boosted its holdings in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after buying an additional 296 shares during the last quarter. Beacon Capital Management LLC boosted its holdings in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after buying an additional 200 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of Micron Technology in the 3rd quarter worth about $39,000. 80.84% of the stock is owned by hedge funds and other 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.