Micron Technology (NASDAQ:MU) Stock Price Up 1% - What's Next?

Micron Technology, Inc. (NASDAQ:MU) saw its stock rise by 1% during midday trading on Wednesday. The stock reached a high of $101.30 before settling at $100.87. In total, about 4,024,555 shares were traded during this period, which is significantly lower than the average daily trading volume of 21,363,445 shares. The previous closing price was $99.84.

Wall Street Analyst Insights

Recent comments from various research firms regarding Micron Technology have been notable. Stifel Nicolaus revised their price target for Micron down from $165.00 to $135.00 while maintaining a "buy" recommendation in a note on September 19. Similarly, Robert W. Baird also lowered their target price from $172.00 to $150.00 and kept an "outperform" rating as of September 27. Raymond James adjusted their price target upward from $125.00 to $140.00, again assigning an "outperform" rating on September 26. Additionally, UBS Group decreased its target from $153.00 to $135.00, maintaining a "buy" rating. Final adjustments came from Citigroup, which lowered their target price from $175.00 to $150.00 while also rating it as a "buy" on September 17. Presently, one analyst has assigned a sell rating, two have a hold rating, while twenty-six analysts have issued buy ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $143.04 according to MarketBeat.

Micron Technology's Stock Performance

The market capitalization of Micron Technology stands at $114.97 billion. The stock has a price-to-earnings (P/E) ratio of 148.34 and a beta of 1.16. The fifty-day moving average price of the stock is at $103.82, while the two-hundred-day moving average sits at $110.94. Financial ratios reveal a quick ratio of 1.68, a current ratio of 2.64, and a debt-to-equity ratio of 0.29.

Micron Technology recently announced its quarterly earnings results on September 25, where the semiconductor company reported an earnings per share (EPS) of $1.18, surpassing analyst expectations of $0.97 by $0.21. The reported revenue for the quarter was $7.75 billion, exceeding estimates of $7.65 billion. Year-over-year revenue growth was impressive at 93.3%. This time last year, the business reported an EPS of ($1.21). Analysts forecast the company will post an EPS of 8.31 for the current fiscal year.

Dividend Declaration from Micron Technology

Micron Technology announced a quarterly dividend recently, which was paid out on October 23. Stockholders who were on record as of October 7 received a dividend of $0.115 per share. This leads to an annualized dividend of $0.46, equating to a dividend yield of 0.45%. The ex-dividend date was also October 7, and the company currently has a dividend payout ratio of 67.65%.

Insider Activity at Micron Technology

In recent insider transactions, EVP April S. Arnzen liquidated 4,890 shares of Micron stock on September 26, with the shares sold at an average price of $113.00 for a total of $552,570. Following this sale, Arnzen now holds 135,830 shares valued at approximately $15,348,790, representing a 3.47% decrease in ownership. This transaction has been disclosed to the Securities and Exchange Commission.

Institutional Investors Adjust Their Positions

Recent activity among institutional investors also highlights interest in Micron Technology. For instance, Aspect Partners LLC increased its stake by 39.8% during the second quarter and now owns 330 shares. Ameritas Advisory Services LLC raised their position by 1.3%, currently holding 7,625 shares. Stonebrook Private Inc. also boosted its holdings by 4.2%, bringing the total to 2,454 shares. Other institutional investors, such as LRI Investments LLC and E&G Advisors LP, have similarly grown their positions, leading to institutional ownership comprising approximately 80.84% of the company’s stock.

Micron Technology Overview

Micron Technology, Inc. specializes in designing, developing, manufacturing, and selling memory and storage products globally. The company operates four primary segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. Their offerings include dynamic random access memory (DRAM) semiconductor devices known for low latency and high-speed data retrieval, as well as non-volatile and re-writeable semiconductor storage devices that bear the Micron and Crucial brands, among others.

Micron, Stock, Investors