Micron Technology (NASDAQ:MU) Trading 1.5% Higher - Still a Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s share price traded up 1.5% on Friday . The stock traded as high as $94.26 and last traded at $93.87. 5,414,424 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 25,747,252 shares. The stock had previously closed at $92.50.

Wall Street Analysts Forecast Growth

MU has been the subject of several research reports. Mizuho decreased their target price on Micron Technology from $135.00 to $115.00 and set an "outperform" rating for the company in a research note on Thursday, December 19th. Bank of America cut shares of Micron Technology from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Wells Fargo & Company cut their target price on shares of Micron Technology from $175.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. reduced their target price on shares of Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Finally, Stifel Nicolaus dropped their price target on Micron Technology from $135.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $134.96.

Micron Technology Price Performance

The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock's 50 day moving average price is $97.65 and its two-hundred day moving average price is $100.35. The firm has a market capitalization of $101.66 billion, a price-to-earnings ratio of 26.29 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion during 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 business's quarterly revenue was up 84.3% on a year-over-year basis. During the same period last year, the business earned ($0.95) EPS. Analysts anticipate that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Monday, December 30th. Micron Technology's dividend payout ratio is 13.26%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP increased its position in Micron Technology by 130.5% during the second quarter. Quarry LP now owns 604 shares of the semiconductor manufacturer's stock worth $79,000 after acquiring an additional 342 shares during the period. Truist Financial Corp grew its position in Micron Technology by 16.4% in the 2nd quarter. Truist Financial Corp now owns 143,215 shares of the semiconductor manufacturer's stock worth $18,837,000 after purchasing an additional 20,209 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Micron Technology by 30.8% during the 2nd quarter. Cetera Investment Advisers now owns 253,256 shares of the semiconductor manufacturer's stock worth $33,311,000 after purchasing an additional 59,707 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Micron Technology during the second quarter valued at about $39,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Micron Technology in the second quarter valued at about $5,306,000. Institutional investors own 80.84% of the company's stock.

About Micron Technology

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.