Micron Technology (NASDAQ:MU) Shares Up 2.4% - Still a Buy?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price shot up 2.4% during trading on Friday . The company traded as high as $109.88 and last traded at $109.45. 3,979,481 shares were traded during mid-day trading, a decline of 82% from the average session volume of 22,041,426 shares. The stock had previously closed at $106.85.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MU shares. Wedbush reiterated an "outperform" rating and issued a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. BNP Paribas downgraded shares of Micron Technology from an "outperform" rating to an "underperform" rating and cut their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Piper Sandler increased their target price on shares of Micron Technology from $130.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, June 27th. TD Cowen lifted their price target on shares of Micron Technology from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Finally, Stifel Nicolaus reduced their price target on Micron Technology from $165.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus target price of $142.85.

Micron Technology Stock Up 1.0 %

The firm has a market cap of $119.66 billion, a price-to-earnings ratio of -76.22 and a beta of 1.18. The business has a fifty day simple moving average of $99.23 and a 200 day simple moving average of $114.05. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company's quarterly revenue was up 93.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.21) earnings per share. As a group, equities analysts forecast that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology's dividend payout ratio (DPR) is presently -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 on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company's stock, 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 hyperlink. Insiders own 0.32% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently modified their holdings of MU. DecisionPoint Financial LLC acquired a new stake in Micron Technology during the 1st quarter worth approximately $25,000. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology in the second quarter valued at $28,000. Valued Wealth Advisors LLC grew its stake in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer's stock worth $29,000 after purchasing an additional 173 shares in the last quarter. Finally, Davis Capital Management purchased a new stake in Micron Technology during the 3rd quarter worth about $30,000. Hedge funds and other 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.