Micron Technology Inc. (NASDAQ: MU) has been making headlines with its impressive stock performance. The stock surged by 5.45% on Thursday to $61.34 against the previous day’s closing price of $58.17. With institutional investors owning a majority of MU’s outstanding shares, there’s no shortage of analyst opinions, with 39 currently covering the stock. MU has a current annualized dividend of $0.46 with a current yield of 0.76%, and its dividend yield for the past year has been $0.76. The stock’s buyback yield is $4.09, which has been $1.86 for the past five years. EPS estimates suggest a yearly average estimate of -$2.32, and the firm is set to report FY 2023 earnings on 09/26/2023. Lastly, insiders of MU traded the stock multiple times, and over the past year, 56 buy transactions and 62 sell transactions occurred.
Micron Technology Inc. (NASDAQ: MU) saw a surge in its stock price by 5.45% on Thursday to reach $61.34, up from the previous day’s closing price of $58.17. The stock volume for the day remained high at 23.85 million shares traded, surpassing its average volume of 13.91 million shares. Micron Technology, a semiconductor company operating in the technology sector, reached its highest point of $61.78 and the lowest point of $59.13 during the session. The 52-week range of MU shows the highest and lowest points touched at $86.24 and $48.43, respectively. The stock has a 1-year price target of $64.97 and a current market cap of $66.83 billion. MU pays an annualized dividend of $0.46 with a current yield of 0.75%. Its beta currently stands at 1.41.
The article titled “5 AI Stocks to Consider for Your Portfolio” discusses the growth of artificial intelligence and its potential in the stock market. The global market for AI is projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030. The article presents the top 5 AI stocks to buy for 2023, which are expected to provide high returns for investors.
Investors often use stock performance as an indicator to determine potential profits. Over the past week, MU’s price performance has been up-trending, rising by 8.43%. Over a month, it has risen by 7.65%, while over three and six months, it has surged by 21.03% and 22.44%, respectively. However, the stock lost 22.47% in the past year, while it has gained 22.73% so far this year. Looking at the trailing 12-month EPS for MU yields 5.51, with the next year EPS estimates of 1.30. For the next quarter, that number is -0.83. This implies an EPS growth rate of 50.70% for this year and 157.80% for next year.
As of Jan 12, 2023, 1.09 billion MU shares are outstanding, with a float of 1.09 billion shares on hand for trading. On the same day, short shares totaled 29.62 million, which was 2.71% higher than the previous month. Sanjay Mehrotra serves as the CEO, President, and Director of Micron Technology, while Mark J. Murphy is the Executive Vice President and CFO.
Institutional ownership is also an important factor for investors. As of Sep 2021, the Vanguard Group, Inc. is the top institutional holder of MU, owning 8.67% of the total shares outstanding. Other major institutional holders include BlackRock, Inc., State Street Corporation, and Fidelity Management & Research Company LLC.
Institutional investors own a majority share of 83.83% of Micron Technology Inc.’s (NASDAQ: MU) outstanding shares, while other institutions own 50.87%, mutual funds own 32.43%, and individuals own 1.58% of MU. The Vanguard Group, Inc. is the largest shareholder in MU with a 7.98% stake, followed by Capital Research & Management Co, holding 5.93%, and BlackRock Fund Advisors with a 5.09% stake. The Vanguard Total Stock Market Index holds the largest stake in MU among mutual fund managers, owning 33,456,267 shares or a 3.07% stake, while the Vanguard 500 Index Fund is the second-largest mutual fund holder with 25,260,868 shares, accounting for 2.32% of MU stock.
Analysts’ ratings provide insights for investment decisions, and MU has 39 analysts currently covering the stock. Of those, 23 recommend BUY ratings, 3 suggest SELL ratings, 8 believe that the stock is worth HOLDING, and 5 give it an OVERWEIGHT rating. The target price for MU is set at a high of $100.00 and a low of $45.00, with an average target price of $65.88 over the next 12 months. This suggests a potential surge of 63.03% to reach the target high and a fall of -26.64% to reach the target low. The average price target represents a growth of 7.4% from current levels.
Earnings estimates are a common metric to evaluate a firm’s growth potential and determine trading strategy. MU will report FY 2023 earnings on 09/26/2023, with yearly estimates ranging from a high of -$1.20 to a low of -$3.38 and an average estimate of -$2.32. Micron Technology Inc. surprised analysts in the prior quarter by reporting an EPS of -$0.04, -$0.02 less than the consensus estimate of -$0.02. For the next quarter, the high estimate for MU is -$0.57, the low estimate is -$0.89, and the average estimate is -$0.66.
MU pays an annualized dividend of $0.46, with a current yield of 0.75%.
MU currently has an annualized dividend of $0.46 and a current yield of 0.76%. The trailing 12-month dividend yield for MU is also $0.76. The current buyback yield for MU is $4.09, which was $1.86 for the past five years. Insiders of MU traded the stock multiple times over the past three months, with 1 Buy and 6 Sells, where 1,077 shares were bought and 98,450 shares were sold. In the past year, there were 56 buy transactions and 62 sell transactions, with a total of 1,476,620 shares bought and 662,445 shares sold.
Don’t miss interesting posts on Famousbio
