Micron Technology Inc. (NASDAQ:MU) is being closely watched for economic progress over the coming months. The company has shown a green trend with positive performance in the last trading session, and the consensus price target for MU set by Wall Street analysts is $65.88. Analyst projections forecast a drop in sales for the current and next quarters, forecast at -51.40% and -53.90%, respectively, and the rating firms predict a loss in revenue for the next quarter. Micron Technology Inc.’s major shareholders are institutional investors, with Vanguard Group, Inc. (The) being the largest investor, followed by Blackrock Inc. Among the top mutual funds, Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund held the most shares of Micron Technology Inc. (NASDAQ:MU) as of Sep 29, 2022.
Betting on Micron Technology Inc. (NASDAQ:MU) for Economic Progress
Micron Technology Inc. (NASDAQ:MU) has recently shown a green trend with a performance of 1.72% at the end of the last trading session. The company’s share price was $58.63, and it changed positively by 1.5% when it rose to weekly highs of 59.52 on Tuesday, 03/21/23. The stock’s daily price is up by 17.31% year-to-date and by 8.03% over the last five days. The beta of Micron Technology Inc. (NASDAQ:MU) was 1.41, and 14.61 million shares were traded in the last trading session.
Analyst Projections and Estimates
The consensus price target for Micron Technology Inc. (NASDAQ:MU) set by Wall Street analysts is $65.88. Analyst projections forecast the company to be at a low of $45.00 and a high of $100.00. In order to hit the forecast high, the stock price would need to plunge -70.56% from its current level, while the stock would need to crash 23.25% from its current level to reach the projected low.
According to consensus estimates provided by 23 financial analysts, Micron Technology Inc. (NASDAQ:MU) is expected to bring in an average of $3.78 billion in revenue for the current quarter. Analysts predict a drop in sales for the current and next quarters, forecast at -51.40% and -53.90%, respectively. The company’s sales for the same quarters a year ago were $7.79 billion and $8.64 billion, respectively. The rating firms predict that Micron Technology Inc. will lose -129.00% in revenue this quarter and will report a decrease of -129.70% in the next quarter. The year-over-year growth rate is expected to be -46.00%, down from the previous year.
MU Dividends
Micron Technology Inc.’s next quarterly earnings report is expected to be released on March 28. The annual dividend per share was 0.46, and the annual dividend yield of the stock is 0.78%. It is important to note, however, that the 0.78% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.
Micron Technology Inc.’s Major Holders
In the short interest cover period of 1.74 day(s), 29.62 million shares of Micron Technology Inc. (NASDAQ:MU) have been sold.
Major Shareholders of Micron Technology Inc.
Micron Technology Inc. (NASDAQ:MU) has 84.07% of its share float available in the stock market. Insiders hold 0.28% of the shares, and institutional investors hold 83.83%. Vanguard Group, Inc. (The) is the largest institutional investor, holding 8.40% of the shares, which is about 91.61 million shares worth $4.59 billion. Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.63% or 83.3 million shares worth $4.17 billion as of Sep 29, 2022.
Among the top mutual funds, Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund held the most shares of Micron Technology Inc. (NASDAQ:MU) as of Sep 29, 2022. Vanguard Total Stock Market Index Fund held 32.9 million shares worth $1.65 billion, making up 3.02% of all outstanding shares. Vanguard 500 Index Fund held approximately 25.01 million shares worth around $1.25 billion, which represents about 2.29% of the total shares outstanding.
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