Micron Technology (NASDAQ:MU) Trading 2% Higher - Should You Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report) shares traded up 2% during trading on Tuesday . The company traded as high as $88.55 and last traded at $88.61. 5,299,141 shares traded hands during trading, a decline of 77% from the average session volume of 22,799,081 shares. The stock had previously closed at $86.89.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. Morgan Stanley raised their target price on shares of Micron Technology from $91.00 to $112.00 and gave the stock an "equal weight" rating in a research report on Friday, March 21st. Bank of America cut shares of Micron Technology from a "buy" rating to a "neutral" rating and reduced their price target for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. Citigroup decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Finally, Rosenblatt Securities cut their price objective on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average target price of $129.76.

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Micron Technology Stock 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 business has a 50 day moving average price of $94.80 and a 200 day moving average price of $98.42. The stock has a market cap of $83.08 billion, a P/E ratio of 21.42 and a beta of 1.23.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Insider Activity

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

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently bought and sold shares of the business. Benjamin Edwards Inc. bought a new stake in shares of Micron Technology in the 3rd quarter valued at about $600,000. Cinctive Capital Management LP acquired a new stake in Micron Technology in the third quarter valued at approximately $1,544,000. Hilltop Holdings Inc. grew its holdings in Micron Technology by 337.1% in the third quarter. Hilltop Holdings Inc. now owns 10,710 shares of the semiconductor manufacturer's stock worth $1,111,000 after purchasing an additional 8,260 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Micron Technology by 6.4% during the third quarter. Janus Henderson Group PLC now owns 1,516,256 shares of the semiconductor manufacturer's stock worth $157,243,000 after purchasing an additional 91,469 shares in the last quarter. Finally, Investment Management Corp of Ontario lifted its holdings in shares of Micron Technology by 18.2% during the 3rd quarter. Investment Management Corp of Ontario now owns 36,759 shares of the semiconductor manufacturer's stock valued at $3,812,000 after purchasing an additional 5,662 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

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.