Micron Technology (NASDAQ:MU) Sets New 52-Week High – Still a Buy?

Micron Technology, Inc. (NASDAQ:MU) reached a new 52-week high on Tuesday . The company traded as high as $848.73 and last traded at $848.37, with a volume of 10988373 shares. The stock had previously closed at $751.00.

Micron Technology News Summary

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Micron is being viewed as a long-term AI beneficiary, with multiple pieces pointing to strong growth, momentum, and potential for major further upside as investors continue to bid up memory-chip names. Article Title
• Positive Sentiment: Micron announced the start of 1-alpha DRAM manufacturing at its Manassas, Virginia fab, supporting domestic capacity expansion and reinforcing confidence in its supply and technology roadmap. Article Title
• Positive Sentiment: FTSE Russell’s preliminary list showed Micron will be added to the Russell 1000 Growth Index, a move that can attract incremental index and momentum-driven buying. Article Title
• Positive Sentiment: Recent commentary says the AI memory boom is keeping high-bandwidth memory tight, with Micron described as effectively sold out months in advance, which supports pricing and earnings expectations. Article Title
• Neutral Sentiment: Some coverage focuses on Micron’s huge market-cap gains and “trillion-dollar club” potential, reflecting bullish sentiment more than a new company-specific development. Article Title
• Negative Sentiment: One article warns that Micron remains cyclical and that a “brutal cycle” will eventually return, tempering enthusiasm around the current rally. Article Title

Analyst Upgrades and Downgrades

MU has been the topic of a number of research reports. Cantor Fitzgerald boosted their target price on shares of Micron Technology from $450.00 to $700.00 and gave the stock an “overweight” rating in a research note on Thursday, March 19th. The Goldman Sachs Group boosted their target price on shares of Micron Technology from $360.00 to $400.00 and gave the stock a “neutral” rating in a research note on Thursday, March 19th. UBS Group raised shares of Micron Technology from a “buy” rating to a “neutral” rating in a research note on Tuesday. DA Davidson assumed coverage on shares of Micron Technology in a research note on Monday, May 11th. They set a “buy” rating and a $1,000.00 target price on the stock. Finally, Royal Bank Of Canada boosted their price objective on shares of Micron Technology from $425.00 to $525.00 and gave the stock an “outperform” rating in a research note on Monday, March 16th. Five research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of “Buy” and a consensus price target of $518.47.

Micron Technology Trading Up 17.6%

The firm has a market cap of $995.94 billion, a price-to-earnings ratio of 41.70 and a beta of 1.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. The firm’s fifty day moving average is $518.94 and its 200-day moving average is $393.05.

Micron Technology Increases Dividend

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

Insider Activity at Micron Technology

In other news, Director Steven J. Gomo sold 2,000 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $787.03, for a total transaction of $1,574,060.00. Following the transaction, the director owned 17,139 shares in the company, valued at approximately $13,488,907.17. This represents a 10.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $10,112,400.00. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 106,000 shares of company stock worth $47,032,460 over the last three months. 0.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in MU. Brighton Jones LLC grew its position in Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock worth $532,000 after purchasing an additional 976 shares in the last quarter. Sivia Capital Partners LLC grew its position in Micron Technology by 21.7% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,528 shares of the semiconductor manufacturer’s stock worth $435,000 after purchasing an additional 628 shares in the last quarter. United Bank bought a new stake in Micron Technology in the 2nd quarter worth about $236,000. Schnieders Capital Management LLC. grew its position in Micron Technology by 67.9% in the 2nd quarter. Schnieders Capital Management LLC. now owns 16,984 shares of the semiconductor manufacturer’s stock worth $2,093,000 after purchasing an additional 6,867 shares in the last quarter. Finally, Sei Investments Co. grew its position in Micron Technology by 5.6% in the 2nd quarter. Sei Investments Co. now owns 405,545 shares of the semiconductor manufacturer’s stock worth $49,987,000 after purchasing an additional 21,619 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

About Micron Technology

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.