Micron Technology (NASDAQ:MU) Sees Unusually-High Trading Volume – Should You Buy?

Micron Technology, Inc. (NASDAQ:MU) shares saw strong trading volume on Tuesday . 11,453,681 shares were traded during mid-day trading, a decline of 48% from the previous session’s volume of 22,205,254 shares.The stock last traded at $106.38 and had previously closed at $99.26.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MU. Mizuho reduced their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Piper Sandler reduced their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Sanford C. Bernstein lowered their price objective on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 target price on shares of Micron Technology in a report on Wednesday, December 18th. Finally, Barclays lowered their price target on Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research note on Friday, December 20th. One 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Price Performance

The stock has a 50-day simple moving average of $98.91 and a 200 day simple moving average of $104.29. The company has a market cap of $114.72 billion, a PE ratio of 151.41 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period in the previous year, the firm earned ($0.95) EPS. Micron Technology’s revenue was up 84.3% on a year-over-year basis. Equities analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. Micron Technology’s payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new position in shares of Micron Technology during the third quarter worth about $26,000. Davis Capital Management purchased a new stake in Micron Technology during the 3rd quarter worth about $30,000. True Wealth Design LLC boosted its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. DT Investment Partners LLC increased its holdings in shares of Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 235 shares during the last quarter. Finally, Stone House Investment Management LLC raised its position in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 277 shares in the last quarter. Hedge funds and other 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.