Micron Technology (NASDAQ:MU) Hits New 52-Week High – What’s Next?

Micron Technology, Inc. (NASDAQ:MU)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $554.39 and last traded at $570.6010, with a volume of 2136134 shares traded. The stock had previously closed at $542.21.

Analyst Ratings Changes

MU has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $350.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, March 19th. Cantor Fitzgerald boosted their target price on shares of Micron Technology from $450.00 to $700.00 and gave the company an “overweight” rating in a research note on Thursday, March 19th. Piper Sandler boosted their target price on shares of Micron Technology from $275.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Micron Technology in a research report on Thursday, January 29th. Finally, Royal Bank Of Canada upped their price target on shares of Micron Technology from $425.00 to $525.00 and gave the stock an “outperform” rating in a research report on Monday, March 16th. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $478.24.

Micron Technology Stock Up 6.9%

The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $653.78 billion, a PE ratio of 27.34 and a beta of 1.91. The business’s 50 day simple moving average is $422.13 and its 200 day simple moving average is $338.52.

Micron Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 30th were paid a dividend of $0.15 per share. This is a boost from Micron Technology’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology’s payout ratio is currently 2.83%.

Insider Transactions at Micron Technology

In other news, EVP Sumit Sadana sold 24,000 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $421.35, for a total value of $10,112,400.00. Following the transaction, the executive vice president owned 224,021 shares in the company, valued at $94,391,248.35. This represents a 9.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 40,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total value of $13,895,600.00. Following the completion of the transaction, the executive vice president owned 125,737 shares in the company, valued at $43,679,776.43. This represents a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently added to or reduced their stakes in the company. Vantage Point Financial LLC grew its holdings in Micron Technology by 16.7% during the first quarter. Vantage Point Financial LLC now owns 832 shares of the semiconductor manufacturer’s stock valued at $281,000 after purchasing an additional 119 shares during the last quarter. Arbejdsmarkedets Tillaegspension bought a new stake in shares of Micron Technology in the first quarter valued at approximately $21,641,000. Triglav Investments D.O.O. boosted its position in shares of Micron Technology by 42.0% in the first quarter. Triglav Investments D.O.O. now owns 84,602 shares of the semiconductor manufacturer’s stock valued at $28,570,000 after acquiring an additional 25,043 shares during the period. Applied Finance Capital Management LLC bought a new stake in shares of Micron Technology in the first quarter valued at approximately $3,158,000. Finally, Teachers Retirement System of The State of Kentucky boosted its position in shares of Micron Technology by 68.7% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 228,340 shares of the semiconductor manufacturer’s stock valued at $77,142,000 after acquiring an additional 92,987 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.